Reliance Power shares hit 5% upper circuit on 500 MW battery storage contract win
Reliance Power today surged 5% to hit its upper circuit at Rs 31.32 on BSE after the company announced that it has secured a battery storage contract of 500 MW through the e-reverse auction (eRA) conducted by the Solar Energy Corporation of India (SECI).
The contract involves the installation of a total of 1,000 MW of standalone BESS units, awarded on a build-own-operate (BOO) model for «On Demand» usage under a tariff-based competitive bidding process.
Reliance Power has secured 500 MW MWh of this capacity, marking a significant entry into the renewable energy and storage sector, a company spokesperson said.
The competitive bidding saw Reliance Power submitting a tariff bid of Rs 3.81999 lakh/MW/month, with this new tariff benchmark representing one of the lowest rates for BESS tenders at the 400 KV level in India to date.
The delivery point for the project shall be 400 kV Fatehgarh (ATL) PS, Rajasthan. The scheduled commissioning date for the full capacity will be 24 months from the effective date of the BESPA (Battery Energy Storage Purchase Agreement).
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