Renew Power JV with US firm for energy storage

Mumbai (PTI): Renew Power has entered into a joint venture with the US-based Fluence -- which is a market leader in energy storage products, services and digital applications for renewables -- to market storage devices in the country.

Th e 5 0 : 5 0 joint venture will be managed and operated by an independent management team and board, and it will bring in market-leading energy storage technology and global experience to the domestic market to begin with by integrating Fluence’s energy storage products, the Gurugram- headquartered Renew Power said in a statement on Thursday.

The joint venture is expected to start operations in the first half of 2022, the company said without offering investment details. The operations will begin by providing a solution to its first customer, Renew Power with 150mwh BESS required for its 300-mw peak power project in Karnataka, Manuel Pérez Dubuc, chief executive of Fluence, said, adding in 2019, Fluence had delivered India’s first battery-based energy storage project.

The Central Electricity Authority sees the renewable storage market reaching 27gw/108gwh by 2030, from just a few mwh now; and energy storage will be a key enabler to achieve the country’s climate goal of 450gw of renewable capacity addition by 2030.

Founded by the global energy company AES and the German major Siemens in 2018, the Arlington, Virginia-based Fluence has projects across 30 markets and its modular products and sophisticated software enable its customers to modernise electric grids.