ReNew Power and Fluence have entered into 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.
ReNew Power and Fluence’s 50:50 joint venture (JV) will cater to a market projected to reach 27 GW/108 GWh by 2030. The JV will start by providing a solution to its first customer, ReNew, with 150 MWh battery energy storage system required for its 300 MW peak power project in the state of Karnataka. 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.