Fluence, a global market leader in energy storage products, services, and digital applications for renewables and storage, and ReNew Power have announced a partnership to form a new company to meet the needs of local customers across India and to address the country’s rapidly growing energy storage market. The Joint Venture (JV) is expected to start operations in H1 2022.
The 50:50 joint venture between ReNew Power and Fluence would serve a market that is expected to reach 27GW/108GWh by 2030 according to Central Electricity Authority estimates. The JV, which is led by an independent management team and board, aims to localise and integrate Fluence’s energy storage products and packages in India, bringing market-leading energy storage technology and global experience to Indian consumers.
In December 2021, Larsen & Toubro (L&T) and ReNew Power formed a partnership to capitalise on India’s growing green hydrogen market. L&T and ReNew will jointly develop, own, execute, and operate green hydrogen projects in India under this arrangement. As per the company’s statement, green hydrogen would be a key driver of the transition to cleaner sources of energy and this partnership between ReNew and L&T, would allow both companies to pool their knowledge, expertise and resources to take maximum advantage of this transition