Reliance Power Soars On Solar Win, Subsidiary Tops Bidding For SJVN Project

Mumbai: Shares of Reliance Power surged more than 10 per cent on Monday, May 12, following a key announcement that its subsidiary, Reliance NU Energies, emerged as the top bidder in SJVN’s competitive bidding process for Inter-State Transmission System (ISTS)-connected solar and battery storage projects.

The company secured a significant allocation of 350 MW solar generation capacity along with a 175 MW/700 MWh Battery Energy Storage System (BESS) under the tariff-based tender. The project was won at a competitively discovered tariff of Rs 3.33 per kWh, fixed for 25 years, making it one of India’s most cost-effective renewable offerings.

Strengthening Clean Energy Leadership

This win bolsters Reliance Power’s position as a leading integrated Solar + BESS player in India, taking its pipeline to 2.5 GWp of solar and over 2.5 GWh of energy storage. Once commissioned, this platform will contribute 600 MWp solar PV and 700 MWh of storage to its renewable energy portfolio.

The SJVN tender saw participation from 19 entities and was oversubscribed more than four times. Eighteen bidders qualified for the e-reverse auction under the Build-Own-Operate (BOO) model, aligned with the Ministry of Power’s standard bidding norms. The project mandates a minimum four-hour daily discharge window to ensure peak supply to Discoms.

Another Landmark PPA for Reliance NU Suntech

Separately, Reliance NU Suntech Private Limited, also a 100 per cent subsidiary, signed a 25-year Power Purchase Agreement (PPA) with SECI for Asia’s largest integrated Solar + BESS project. This project will feature 930 MW of solar and 465 MW/1860 MWh of BESS, with a total investment of ₹10,000 crore. Energy will be sold at ₹3.53 per kWh.

At 9:45 am, Reliance Power shares were up 9.44 per cent at ₹42.6, tracking a broader market rally as Sensex surged 2.45 per cent.