Reliance Power Limited has informed the Exchange regarding a press release dated May 02, 2025, titled "Media Release".
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Reliance Power's subsidiary, Reliance NU Suntech, has signed a 25-year Power Purchase Agreement (PPA) with Solar Energy Corporation of India (SECI) to develop Asia's largest single-location integrated solar and battery energy storage project. The project involves an investment of up to ₹10,000 crore and will deliver 930 MW of solar power along with 465 MW/1,860 MWh of battery storage at a fixed tariff of ₹3.53 per unit. To generate 930 MW, the project will install over 1,700 MWp of solar capacity and is expected to be commissioned within 24 months. The company has already submitted a ₹378 crore performance bank guarantee to SECI. The award was originally won in SECI's Tranche XVII auction in December 2024, and the entire process from bidding to PPA signing was completed in under 5 months. This strengthens Reliance Power's move into clean energy, complementing its existing 5,305 MW operating portfolio that includes the Sasan coal plant.
This is a positive development for shareholders, as it adds a large, long-term revenue stream backed by a government counterparty (SECI) and signals Reliance Power's serious push into renewable energy. The 25-year offtake agreement reduces offtake risk significantly, though investors should watch for execution and funding risks on the ₹10,000 crore project.