In a big news for India’s renewable energy sector, Reliance NU Energies, a subsidiary of Reliance Power, has won the top spot in a highly competitive bid floated by SJVN for a 350 MW solar power project along with 175 MW/700 MWh of battery energy storage system (BESS).
The project is part of a larger 1,200 MW solar and 600 MW/2,400 MWh BESS package floated by the state owned Navratna public sector enterprise. The tender saw robust participation from 19 entities, with 18 qualifying for the e-reverse auction, and was oversubscribed by over four times, underlining surging industry interest in dispatchable renewable energy.
A Strategic Leap for Reliance Power
This project positions Reliance Power as the largest player in the Solar + BESS segment in India, with a clean energy pipeline now totaling 2.5 gigawatts-peak (GWp) of solar PV capacity and more than 2.5 gigawatt-hours (GWh) of energy storage.
The tariff for the newly awarded project was competitively discovered at INR 3.33 per kilowatt-hour (kWh), fixed for 25 years, placing it among India’s most cost-efficient integrated solar-storage offerings. The Letter of Award (LoA) from SJVN is currently awaited.
Once commissioned, the platform will contribute 600 MWp of installed solar photovoltaic (PV) capacity and 700 MWh of battery storage, supporting state distribution companies (Discoms) with assured four-hour daily discharge windows. This is particularly crucial for grid stability and peak power management.
The project will be developed under the Build-Own-Operate (BOO) model, adhering to standard guidelines issued by the Ministry of Power, and aims to address the pressing need for reliable, round-the-clock clean energy.
Read Also: Suzlon Energy Wins Largest-Ever PSU Deal of 378 MW from NTPC Green
Reinforcing Clean Energy Leadership
This win marks a decisive moment in Reliance Power’s strategic pivot from conventional to renewable energy. The company, once known for its thermal dominance through the 3,960 MW Sasan Ultra Mega Power Plant, is now asserting itself in the green energy arena.
In parallel with this SJVN tender success, Reliance NU Suntech, another 100% subsidiary, has recently inked a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) to develop Asia’s largest integrated Solar + BESS project. That project will house 930 MW of solar generation paired with 465 MW/1,860 MWh of BESS, at a fixed tariff of INR 3.53/kWh, and involves an investment outlay of up to INR 10,000 crore.
These achievements come on the heels of Reliance Power’s financial resurgence. The company has reported a profit of INR 125.6 crore for the quarter ended 31 March 2025, a big turnaround from a loss of INR 397.6 crore a year ago. Operational efficiency has also improved significantly, with EBITDA jumping over 1,100% year-on-year to INR 589.8 crore.
Read Also: Avaada Energy Sparks INR 4,000 Cr IPO for Solar Arm, Backed by Brookfield
Market Response and Outlook
Investor sentiment reflected the magnitude of the announcement. Shares of Reliance Power have gone up by 11%, trading at INR 43.50 on NSE and BSE, taking the company’s market cap to around INR 16,610 crore.
The company has also reduced its debt significantly, with debt repayment of INR 5,338 crore in the last fiscal and debt to equity ratio of 0.88:1 as of March 2025.
Conclusion
Reliance Power’s renewable energy push is more than just strategic diversification. It’s a generational shift in the power sector where coal based giants are transforming into clean energy leaders.
With the largest Solar + BESS portfolio in the country and robust project execution capabilities, Reliance Power under Anil Ambani is well placed to play a big role in India’s decarbonization journey and energy transition. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.