Reliance Power shares gain 11% after its subsidiary secures the largest ISTS-connected Solar + BESS project allocation in SJVN’s competitive auction.
Reliance Power Limited announced on 12 May 2025 that its subsidiary, Reliance NU Energies Private Limited, has secured the largest allocation in a solar plus battery energy storage system (BESS) tender floated by SJVN, a leading Navratna public sector enterprise. The winning bid includes 350 MW of solar capacity coupled with 175 MW / 700 MWh of BESS.
This allocation came through a tariff-based competitive bidding process and positions Reliance NU Energies at the forefront of India’s transition to dispatchable renewable energy.
Once commissioned, the new project will add 600 MWp of installed solar photovoltaic (PV) capacity and 700 MWh of energy storage to Reliance Power’s portfolio. This brings the company’s clean energy pipeline to 2.5 GWp of solar and more than 2.5 GWh of BESS, cementing its place as India’s largest player in the integrated Solar + BESS segment.
The project’s tariff was discovered at ₹3.33 per kWh, fixed for a 25-year period, reflecting one of the most competitive rates in the market. The Letter of Award (LoA) from SJVN is currently awaited.
The tender, floated by SJVN, was for a total of 1,200 MW of solar and 600 MW / 2,400 MWh of BESS. It attracted significant interest, being oversubscribed by over four times. A total of 19 entities participated in the bidding, with 18 qualifying for the e-reverse auction process.
The project is designed to include a minimum four-hour daily discharge requirement, enabling consistent peak-hour power delivery to state distribution companies (Discoms). It will be developed under a build-own-operate (BOO) model, in accordance with standard Ministry of Power guidelines.
In a parallel development, Reliance NU Suntech Private Limited—another 100% subsidiary of Reliance Power—recently signed a 25-year Power Purchase Agreement (PPA) with the Solar Energy Corporation of India (SECI) for Asia’s largest integrated Solar + BESS project.
This transformational project will have a solar capacity of 930 MW, paired with 465 MW / 1860 MWh of BESS, with an investment outlay of up to ₹10,000 crore. The PPA is set at a fixed tariff of ₹3.53 per kWh, ensuring long-term revenue visibility and operational certainty.
The share price of Reliance Power surged by around 11% as of 10:00 AM on 12 May, marking its sharpest single-day gain since January 2024.
Reliance Power Limited is part of the Reliance Group and stands among India’s leading private-sector power generation companies. It currently has an operating portfolio of 5,305 megawatts, including the 3,960 MW Sasan Power Limited plant—the world’s largest integrated coal-based power facility. Sasan Power has maintained its rank as India’s best-performing thermal power plant for the past seven years.
Disclaimer: The article is for informational purposes only and not investment advice.
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