Fluence and Renew Power Announced JV to Boost Energy Storage Sector

Fluence and ReNew Power announced an agreement to form a new company to meet the needs of local customers across India that will address the fast developing energy storage market in India.

The 50:50 JV will target the country's storage market, which is estimated to grow to 27 GW by 2030, said the company in a public statement.

“Managed and operated by an independent management team and board, the JV aims to bring market-leading energy storage technology and global experience to Indian customers by localising and integrating Fluence’s energy storage products and packages in India,” the statement said.

The first project the JV will cater to is a 50 MWh battery-based energy storage system (BESS) for ReNew Powers’ 300 MW Peak Power Project in Karnataka. In 2019, Fluence delivered India’s first BESS 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.”