Renewable

January 20 (Renewables Now) - Indian renewable energy independent power producers (IPP) ReNew Power (NASDAQ:RNW) and battery storage specialist Fluence Energy Inc (NASDAQ:FLNC) will set up a joint venture (JV) to serve the energy storage market in India.

The new entity will be equally owned by the two partners and will seek to localise and integrate Fluence’s energy storage products and packages in India. Apart from battery energy storage system (BESS) solutions, they will also offer engineering, procurement and construction (EPC) and asset management services, the partners said on Wednesday.

The JV is set to start operations in the first half of 2022. Its first client will be ReNew Power with a project requiring the delivery of a 150-MWh BESS for a 300-MW peak power project in Karnataka.

India’s energy storage market is expected to expand to 27 GW/108 GWh by 2030, according to India’s Central Electricity Authority. Currently, the country has only a few MWh of capacity installed.

Fluence is an energy storage joint venture of US power generation group AES Corp (NYSE:AES) and German industrial conglomerate Siemens AG (ETR:SIE). As of September 30, 2021, the company has installed or contracted over 3.6 GW of energy storage globally and also has more than 4.7 GW of wind, solar, and storage assets optimised or contracted in Australia and California.

Join Renewables Now's free daily newsletter now!