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 INR 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).
The auction process witnessed participation from several key industry players and was held on September 11, 2024, and is part of SECI's initiative to enhance energy storage capabilities across the country.
The shares of Reliance Power had witnessed a sharp fall in their prices after Sebi had restricted Anil Ambani from the securities market for five years on charges of fund siphoning from Reliance Home Finance.
In its 222-page long order, the market regulator’s investigation had concluded that key managerial personnel of Reliance Home Finance (RFHL), including Anil Ambani, siphoned off funds from the listed company (RHFL) by structuring them as ‘loans’ to credit unworthy conduit borrowers, and in turn, to onward borrowers, all of whom have been found to be ‘promoter linked entities’.
Later, the company via a filing to the exchanges had informed that Anil Ambani has resigned from the board of directors of Reliance Power and that the SEBI order does not have any bearing on the company’s operations.
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