Reliance Power Signs 25-Year Solar Storage Deal With SECI

Reliance Power Ltd. on Friday said its unit Reliance NU Suntech Pvt. Ltd. has signed a 25-year power purchase agreement with Solar Energy Corp. of India at ₹3.53 per kilowatt-hour.

Reliance NU will set up an integrated solar and battery storage system worth ₹100 billion. The project will supply 930 MW of solar power integrated with 465 MW/1,860 MWh of battery storage, the company said in an exchange filing.

The project will use over 1,700 MWp of installed solar generation capacity and is expected to be completed within two years. Reliance Power has submitted a performance bank guarantee of ₹3.7 billion to SECI.