Reliance Group Chairman Anil Ambai is in the headlines but this time for all the right reasons. Mr. Ambani is scripting an inspiring story of resilience and revival after years of facing financial disturbance and challenges. 

In a strong comeback achievement, a subsidiary of Reliance Power, Reliance NU Suntech, has won India’s largest 930 MW solar project and a 1,860 MWh battery energy storage system (BESS). 

An e-reverse auction by Solar Energy Corporation of India (SECI), signifies this huge turnaround for the Reliance Group after years of financial troubles and bans.

Reliance Power, with a market cap of ₹17,770 crore, announced this success stating it as the largest solar and BESS project in India. 

The project was awarded at a tariff of ₹3.53 ($0.0416) per kWh, marking it the lowest cost for such a large-scale project. After the announcement, the company’s shares surged by 5% to ₹46.24, showing investor confidence in its renewed growth trajectory.

The project is a part of SECI’s Tranche XVII tender and comes with a 25-year power purchase agreement (PPA). 

The generated solar energy will be distributed to multiple Discoms across India. Reliance NU has to install a minimum of 465 MW/1,860 MWh of battery storage, providing four hours of peak power backup daily according to the terms of the tender.

This project will be developed on a build-own-operate (BOO) model, with connections to the interstate transmission system (ISTS) in compliance with Central Electricity Regulatory Commission (CERC) regulations. 

With debts reduced and key subsidiaries becoming debt-free, this project highlights Reliance Group’s resurgence and renewed focus on sustainability. However, the Letter of Award (LoA) from SECI is currently awaited.

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