Reliance Power subsidiary, Reliance NU Suntech has received the Letter of Award from Solar Energy Corporation of India (SECI) for its proposed Solar 930 MW and 465 MW/1860 MWh Battery Energy Storage System (BESS) projects. The project will see the largest deployment of grid storage batteries at a single site, not only in India but also in Asia, besides China. The competitive tariff with assured supply of peak power for 4 hours in a day will be a welcome relief for DISCOMs that have had to consistently buy power from the power exchanges during peak hours at the cap of Rs 10 per unit. Reliance NU Suntech won the landmark 930 MW solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI) in an e-reverse auction held on 9 December 2024. As per the terms of the tender, Reliance NU Suntech will also install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power.Powered by Capital Market - Live News

Reliance Power subsidiary, Reliance NU Suntech, won a landmark 930 MW solar energy contract with battery energy storage system project (BESS) from Solar Energy Corporation of India (SECI) in an e-reverse auction held on 9 December 2024.As per the terms of the tender, Reliance NU Suntech will also have to install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power. The Letter of Award (LoA) is awaited from SECI.Reliance NU Suntech`s successful bid for SECI`s Tranche XVII auction was won at a tariff of ₹3.53 ($0.0416)/kWh.The company, among India`s leading power generators, secured the largest individual allocation out of the five companies vying for a total quoted capacity of 2,000 MW of Inter-State Transmission System (ISTS) connected solar power projects with 1,000 MW/4,000 MWh energy storage systems. Reliance NU Suntech`s win underlines the technological progress made in solar power with BESS in India which has made it a cost-effective alternative to renewable energy options. The project will guarantee a peak power supply of four hours daily (or a four-hour discharge duration). SECI will enter into a power purchase agreement (PPA) with Reliance NU Suntech for a period of 25 years and the solar power procured will be sold to multiple discoms in India. Reliance NU Suntech will develop the project on a build-own-operate basis and will have to connect to the interstate transmission system in compliance with Central Electricity Regulatory Commission regulations for interconnection with the ISTS or InSTS.  Powered by Capital Market - Live News

Reliance Power announced that ICRA has reaffirmed, removed from Issuer Not-Cooperating category and withdrawn the rating in respect of Long-term fund-based - Term loans and Long-term fund based - Cash credit as there is no amount outstanding against the rated instruments. Further, ICRA has also reaffirmed the rating [ICRA] D and removed from Issuer Not-Cooperating category in respect of the Company`s Non-convertible debenture and Long/Short-term non-fund-based limits. Powered by Capital Market - Live News

Net profit of Reliance Power reported to Rs 2878.15 crore in the quarter ended September 2024 as against net loss of Rs 237.76 crore during the previous quarter ended September 2023. Sales declined 13.64% to Rs 1759.81 crore in the quarter ended September 2024 as against Rs 2037.80 crore during the previous quarter ended September 2023. ParticularsQuarter EndedSep. 2024Sep. 2023% Var. Sales1759.812037.80 -14 OPM %21.3635.32 - PBDT16.6382.07 -80 PBT-226.84-176.69 -28 NP2878.15-237.76 LP Powered by Capital Market - Live News

Reliance Power will hold a meeting of the Board of Directors of the Company on 12 November 2024Powered by Capital Market - Live News