O2 Power, Powin to partner for delivering battery storage solutions for the Indian RE market
Renewable energy Independent Power Producer (IPP) O2 Power is set to announce a partnership with US-based energy storage firm Powin to provide customized and competitive battery storage solutions for the Indian renewable energy market.
O2 Power was founded by EQT Infrastructure and Temasek in 2019. Since then, the company has won around 1.8 Gigawatt of projects across a diverse portfolio. It aims to become a key player in the design and build of stand-alone storage systems and renewable energy integrated storage systems.
The idea is to create storage solutions that are customized, competitive, efficient, scalable, and cost-effective, according to people aware of the matter. O2 Power sees a big opportunity in providing battery integrated solutions to power utilities as well as C&I customers desiring Round-the-Clock (RTC) power.
For Powin, which is already present in eight countries, this partnership would mark its entry into the Indian market. Under the pact, Powin will be responsible for the delivery and commissioning of the battery energy storage systems, while O2 Power will provide full EPC services for the projects they are developing.
India is seen as one of the fastest-growing renewable energy markets globally. The country is chasing an ambitious target of 175 gigawatts installed capacity by end-2022 and 500 gigawatts by 2030. As renewable energy grows across India, there is an increasing demand for energy storage solutions.
O2 Power was set up to develop and execute utility-scale renewable energy projects in India with a total equity commitment of up to $500 million through 2020-2025. Powin supplies the software and hardware for energy storage projects which are transforming grid operations and enabling high levels of renewable generation.