Fluence and ReNew Power have teamed up to form a new company that addresses the fast-developing energy storage market in India.
The 50:50 joint venture will bring energy storage technology and global experience to customers by localising and integrating Fluence’s energy storage products and packages in India.
The new company will cater to a market projected to reach 27GW by 2030, according to statistics from India’s Central Electricity Authority.
Energy storage is expected to be a key enabler in helping India achieve its climate goal of 450GW of renewable energy capacity by 2030.
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 localising 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.”
ReNew’s stationary energy storage portfolio consists of the 300MW Peak Power Project and the 400MW Round-the-Clock (RTC) Power Project.
Sumant Sinha, Chairman and CEO, 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 localised solutions for India.
“I expect it to set new milestones for the storage industry in India.”