Fluence, the global market leader in energy storage solutions & services, and ReNew Power (ReNew), India's largest renewable energy company by operational capacity announced today that they have set up a 50:50 local joint venture to cater to the fast-growing energy storage sector in India.
According to India's Central Electricity Authority, India's energy storage market is projected to reach 27GW/108GWh by 2030, from the few MWh market at present.
The JV will kickstart by providing solutions to its first customer in India, ReNew, for its 150MWh battery energy storage system (BESS) at its 300 MW peak power project in the state of Karnataka.
"India's energy transition and its ambition to achieve net zero by 2070 calls for strong and rapid storage integration with the grid," said Sumant Sinha, Chairman, and CEO of ReNew Power. "We're delighted to partner with Fluence, a global market leader in energy storage products and services, to bring localized solutions for India."
The JV is expected to start operation in H1 2022 and will be 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 localizing and integrating Fluence's energy storage products and packages in India, Fluence noted in its official statement.
"Fluence is committed to accelerating India's clean energy transition," said Manuel Pérez Dubuc, CEO, Fluence.
"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."
Pérez noted that by partnering with ReNew, a leading developer in India, Fluence aims to rapidly increase its footprint in India and bring its industry-leading experience and technology to local developers.
As of date, Fluence has more than 3.6 GW of energy storage deployed or contracted in 30 markets globally, and more than 4.7 GW of wind, solar, and storage assets optimized or contracted in Australia and California.
In India, Fluence executed the country's first battery-based energy storage (10MWh) project in 2019. India's first grid-level storage deployment was completed by AES at the TATA Power Rohini Sub-Station in Delhi.
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