Shares of Reliance Power surged over 10% on Monday after the company announced that its wholly owned subsidiary, Reliance NU Energies, has emerged as the top bidder in SJVN’s Inter-State Transmission System (ISTS)-connected solar and battery energy storage system (BESS) tender.
In a filing with the stock exchanges, Reliance Power said that Reliance NU Energies secured a significant allocation of 350 MW of solar generation capacity paired with 175 MW/700 MWh of BESS as part of the tariff-based competitive bidding process.
This development reinforces Reliance Power’s position as a leading integrated player in India’s renewable energy landscape, particularly in the Solar + BESS segment, where it now holds a pipeline exceeding 2.5 GWp of solar capacity and over 2.5 GWh of energy storage.
The latest project, once operational, will add 600 MWp of solar PV capacity and 700 MWh of storage to the company’s clean energy portfolio. The tariff for the project was competitively discovered at ₹3.33 per unit, fixed for 25 years, making it one of the most cost-effective offerings in the Indian renewables market. The Letter of Award (LoA) from SJVN is expected soon.
The SJVN tender, part of a larger 1,200 MW solar + 600 MW / 2,400 MWh BESS ISTS-connected package, attracted substantial interest with 19 bidders, 18 of which qualified for the e-reverse auction. The tender was oversubscribed more than four times.
The awarded project requires a minimum four-hour daily energy discharge window, ensuring dependable peak-time power supply to Discoms, and will be developed under the Build-Own-Operate (BOO) model, aligned with the Ministry of Power’s standard bidding guidelines.
In a separate but equally significant development, Reliance NU Suntech Pvt Ltd, another fully owned subsidiary of Reliance Power, signed a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) to develop Asia’s largest integrated Solar and BESS project. The ₹10,000 crore initiative will feature 930 MW of solar capacity and 465 MW / 1860 MWh of storage, with energy priced at a fixed ₹3.53/kWh.
At 9:45 am, Reliance Power shares were trading 9.44% higher at ₹42.60 on the BSE, outperforming a buoyant market where the Sensex surged 2.45% or 1,948 points to 81,400 amid broad-based buying.
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