Reliance NU Suntech, a subsidiary of Reliance Power, has entered into a 25-year Power Purchase Agreement (PPA) with the public sector company Solar Energy Corporation of India (SECI). According to the company, the agreement represents one of India’s largest power offtake deals, underscoring the country’s shift towards renewable energy.
Simultaneously, Reliance NU Suntech announced undertaking the development and commissioning of an integrated solar and battery energy storage system (BESS) project.
The project, which entails an investment of around INR100bn ($1.19bn), is expected to be completed within 24 months. Once operational, the project will be largest such single-location facility in Asia.
Under the PPA, Reliance NU Suntech will supply 930MW of solar power integrated with a 465MW/ 1,860MWh BESS at a fixed tariff of INR3.53 per kWh. The project will require over 1,700 MWp of installed solar capacity to meet the contracted capacity.
Notably, Reliance NU Suntech was awarded the largest allocation in SECI’s Tranche XVII auction in December 2024, securing 930MW of solar capacity and a 465MW/1,860MWh BESS. This allocation was part of a competitive bidding process involving five major energy companies competing for 2,000MW of Inter-State Transmission System (ISTS)-connected solar projects and 1,000 MW/4,000 MWh of BESS capacity.
Reliance Power has also provided a Performance Bank Guarantee (PBG) of INR3.78bn to SECI, completing the bidding process, including a reverse auction and issuance of the Letter of Award (LoA), in under five months.
Reliance Power, part of the Reliance Group, has an operating portfolio of 5,305MW, including the 3,960MW Sasan Power, an integrated coal-based power plant in the Indian state of Madhya Pradesh.
In December 2024, Russia’s Rosneft signed a ten-year agreement to supply around 500,000 barrels per day (bpd) of crude oil to Reliance Industries.
