Fluence and ReNew forms JV to develop energy storage solutions in India
With Fluence’s global experience and ReNew’s pioneering role in the field, the new company will offer energy storage solutions to a diversified customer base in the Indian energy market.
Fluence, the world’s leading provider of energy storage products and services, and ReNew Power, India’s leading renewable energy company, have entered into a joint venture agreement. The new JV company will serve the needs of the local customers across India by addressing the rapidly growing energy storage market in India.
The JV between ReNew Power and Fluence is aimed at a market that’s expected to grow to 27 GW / 108 GWh by 2030, compared to only a few MWh today, according to India’s Central Electricity Authority.
The JV will be managed and operated by an independent management team and board. It will provide Indian customers with market-leading energy storage technologies and global expertise by localizing and integrating Fluence’s energy storage products and packages.
Global energy company AES and Siemens founded Fluence in 2018. Fluence projects are spread across 30 countries. Using its global expertise, modular products, and sophisticated software, the company enables customers to modernize electric grids and accelerate local renewable deployment while maintaining reliability.
As India aims to add 450 GW of renewable capacity by 2030, energy storage will be a key enabler. With its portfolio of intelligent energy solutions, ReNew holds a competitive edge in stationary energy storage in India. ReNew’s portfolio consists of a 300 MW Peak Power Project, as well as a 400 MW Round-the-Clock Power Project.
Through these large-scale projects, ReNew sees immense value in India’s fledgling energy storage sector. As a result, it has entered into a joint venture with Fluence to offer battery-based energy storage solutions in India to a wide range of customers along with EPC and asset management services. It is expected that the JV will begin operations in H1 2022.
According to Sumant Sinha, Chairman and CEO of ReNew Power, “India’s energy transition and its aim to achieve net zero by 2070 call for strong and rapid integration of storage into the grid.”.
“We are thrilled to partner with Fluence, a global leader in energy storage products and services, on bringing localized solutions to India. “I expect it to set new milestones for the storage industry in India,” Sinha added.
Manuel Pérez Dubuc, Fluence CEO, said, “Fluence is committed to accelerating India’s clean energy transition. We will help India get closer to its ambitious climate goals in a capital-efficient manner by tailoring our products to specific market needs, providing our patented technologies and designs to the joint venture and increasing the made-in-India content over time.”
“By partnering with a leading developer such as ReNew to create a local company, we can rapidly improve our presence in India and make our industry-leading experience and technology available to local developers,” he added.
Initially, ReNew’s 300 MW Peak Power Project in Karnataka will be served by the JV with a 150 MWh energy storage system, according to the official press release.
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