Reliance Power touches the roof after its arm wins solar energy contract with battery energy storage system from SECI

Reliance Power is currently trading at its upper limit of Rs. 46.24, up by 2.20 points or 5.00% from its previous closing of Rs. 44.04 on the BSE.

The scrip opened at Rs. 46.24 and has touched a high and low of Rs. 46.24 and Rs. 44.95 respectively. So far 5253225 shares were traded on the counter.

The BSE group 'T' stock of face value Rs. 10 has touched a 52 week high of Rs. 54.25 on 04-Oct-2024 and a 52 week low of Rs. 19.37 on 14-Mar-2024.

Last one week high and low of the scrip stood at Rs. 46.24 and Rs. 42.70 respectively. The current market cap of the company is Rs. 18574.47 crore.

The promoters holding in the company stood at 23.26%, while Institutions and Non-Institutions held 16.02% and 60.72% respectively.

Reliance Power’s subsidiary -- Reliance NU Suntech has won a landmark 930 MW solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI) in an e-reverse auction held on December 9, 2024.

As per the terms of the tender, Reliance NU Suntech will also have to install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power. The Letter of Award (LoA) is awaited from SECI. Reliance NU Suntech’s successful bid for SECI’s Tranche XVII auction was won at a tariff of Rs 3.53 ($0.0416)/kWh. The company, among India’s leading power generators, secured the largest individual allocation out of the five companies vying for a total quoted capacity of 2,000 MW of Inter-State Transmission System (ISTS) connected solar power projects with 1,000 MW/4,000 MWh energy storage systems. 

Reliance NU Suntech’s win underlines the technological progress made in solar power with BESS in India which has made it a cost-effective alternative to renewable energy options. The project will guarantee a peak power supply of four hours daily (or a four-hour discharge duration). SECI will enter into a power purchase agreement (PPA) with Reliance NU Suntech for a period of 25 years and the solar power procured will be sold to multiple discoms in India. Reliance NU Suntech will develop the project on a build-own-operate basis and will have to connect to the interstate transmission system in compliance with Central Electricity Regulatory Commission regulations for interconnection with the ISTS or InSTS.

Reliance Power has been established to develop, construct and operate power projects both in India as well as internationally.