Fluence, ReNew Power to establish energy storage JV in India
Fluence, a US-based energy storage technology and services provider, is joining forces with Indian renewable energy company ReNew Power to establish a joint venture (JV) to boost the energy storage sector in India.
The 50:50 JV will serve a market estimated to reach 27GW/108GWh by the end of this decade, as per India’s Central Electricity Authority.
Its aim is to bring energy storage technology and international experience to Indian customers by localizing and integrating the energy storage products and packages of Fluence in India.
Sumant Sinha — Chairman and CEO of 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.”
ReNew Power is forming the JV with Fluence with an intent to provide battery energy storage system (BESS) solutions in the Indian market to EPC, asset management services, and other varied customers.
Expected to begin operations in the first half of this year, the Fluence-ReNew Power JV will start off by delivering a solution for a 150MWh BESS to ReNew Power for its 300MW peaking power project in Karnataka.
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.”