ReNew Power has formed a Joint Venture (JV) with US headquartered Fluence to form a new entity which will provide energy storage solutions in India. The 50:50 JV will target the country's storage market, which is estimated to grow to 27 GW by 2030, said the company in a public statement.
“Managed and operated by an independent management team and board, the JV aims to bring market-leading energy storage technology and global experience to Indian customers by localising and integrating Fluence’s energy storage products and packages in India,” the statement said.
The first project the JV will cater to is a 50 MWh battery-based energy storage system (BESS) for ReNew Powers’ 300 MW Peak Power Project in Karnataka. In 2019, Fluence delivered India’s first BESS project.
Sumant Sinha, chairman and CEO, ReNew Power said, “India’s energy transition and its ambition to achieve net zero by 2070 calls for strong and rapid storage integration with the grid. We’re delighted to partner with Fluence, a global market leader in energy storage products and services, to bring localised solutions for India.”
Fluence was formed in 2018 through a JV between Siemens and AES. The company has a presence in 30 markets and is considered a global leader in the energy storage solutions with 3.6 GW of energy storage deployment
“We will support the country’s ambitious climate goals in a capital-efficient manner by localising our products to align with specific market needs, making our patented technologies and designs available to the joint venture and increasing the made-in-India content over time. By partnering with a leading developer such as ReNew to form a local company, we can rapidly increase our India presence and bring our industry-leading experience and technology to local developers,” said Manuel Pérez Dubuc, CEO, Fluence.