Fluence Energy Inc., a global market leader in energy storage products, and renewable energy company ReNew Power Private Ltd, have signed an agreement to form a joint venture (JV) company to meet the needs of the fast-developing energy storage market in India.The 50:50 JV will cater to a market projected to reach 27GW/108GWh by 2030, according to Central Electricity Authority, from just a few MWh today.To be managed and operated by an independent management team and board, the JV will bring “market-leading” energy storage technology and global experience to Indian customers by localising and integrating Fluence’s energy storage products and packages in India.Founded by AES (a global energy company) and Siemens in 2018, Fluence has projects in 30 markets around the world.The JV is expected to start operations in H1 2022.Sumant Sinha, Chairman and CEO, ReNew Power, said, “India’s energy transition and its ambition to achieve net zero by 2070 calls for strong and rapid storage integration with the grid.”“We’re delighted to partner with Fluence, a global market leader in energy storage products and services, to bring localized solutions for India. Iexpect it to set new milestones for the storage industry in India,” Mr. Sinha said.Manuel Pérez Dubuc, CEO, Fluence said, “ We will support the country’s ambitious climate goals in a capital-efficient manner by localising our products to align with specific market needs, making our patented technologies and designs available to the JV and increasing the made-in-India content over time.”“By partnering with a leading developer such as ReNew to form a local company, we can rapidly increase our India presence and bring our industry-leading experience and technology to local developers,” he added.The JV will start operations by providing a solution to its first customer, ReNew, with 150 MWh BESS required for its 300 MW Peak Power Project in Karnataka.
