Fluence, a German and US-owned energy storage major, and ReNew Power, India’s leading renewable energy developer, have joined hands to tap the fast-growing energy storage market in India. The two companies today announced the signing of an agreement to form a 50:50 joint venture company to meet the energy storage needs of customers across India. The JV is expected to start operations within the first half of 2022.
India’s Central Electricity Authority projects the Indian energy storage market to reach 27 GW/108 GWh by 2030 from just a few MWh today. The Fluence and ReNew Power joint venture, managed and operated by an independent management team and board, will cater to Indian customers by localizing and integrating Fluence’s energy storage products and packages in India.
Founded by AES (a global energy company) and Siemens in 2018, Fluence has more than 3.6 GW of energy storage deployed or contracted in 30 markets globally as of September 30, 2021. In 2019, Fluence delivered India’s first battery-based energy storage project at Tata Power’s Delhi substation. This 10 MW grid-connected battery energy storage system uses Advancion energy storage platform of Fluence.
The Fluence-ReNew Power JV will kick off with ReNew as the first customer of its energy storage products. ReNew will deploy the JV’s 150 MWh energy storage solution for its 300 MW peak power project in Karnataka state.
Energy storage will be a key enabler for grid integration of large-scale variable renewables as India targets installed renewable capacity of 500 GW by 2030. ReNew, which has a renewable energy portfolio of over 10 GW, has a head-start in India’s stationary energy storage space with an intelligent energy solution portfolio comprising the 300 MW peak power project and a 400 MW round-the-clock (RTC) power 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 localized solutions for India. I expect it to set new milestones for the storage industry in India.”
Manuel Pérez Dubuc, Fluence CEO, said, “Fluence is committed to accelerating India’s clean energy transition. We will support the country’s ambitious climate goals in a capital-efficient manner by localizing 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.”
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