New joint venture to boost energy storage in India

Fluence and ReNew Power’s 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

Big Zero Report 2022

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.”

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