Fri Dec 13 04:20:00 UTC 2024: ## Reliance Power Soars After Winning Massive Solar Project
**Mumbai, India –** Reliance Power’s share price surged 5% to ₹46.24 on Thursday, hitting the upper circuit limit, following its subsidiary, Reliance NU Suntech, securing a significant solar energy project. Reliance NU Suntech won a 930 MW solar power project contract with battery energy storage system (BESS) from the Solar Energy Corporation of India (SECI) in a December 9th, 2024 e-reverse auction.
The project requires Reliance NU Suntech to install a minimum storage capacity of 465 MW/1,860 MWh, charged by solar power. While a Letter of Award (LoA) is pending from SECI, the company reported the win in a regulatory filing on December 11th. Reliance NU Suntech secured the project in Tranche XVII auction with a bid of ₹3.53 ($0.0416)/kWh, the largest allotment among five participating companies bidding for 2,000 MW of ISTS connected solar projects with 1,000 MW/4,000 MWh of energy storage.
Under the 25-year power purchase agreement (PPA), Reliance NU Suntech will provide four hours of peak power supply daily. The solar energy will be sold to various DISCOMs across India. The project will be developed on a build-own-operate model and connected to the Inter-State Transmission System (ISTS) as per Central Electricity Regulatory Commission regulations.
This win follows SECI’s recent reversal of a ban on Reliance Power from renewable energy tenders. Reliance Power’s stock has seen impressive growth, up 20% in the last month, 55% in the last three months, and 46% in the last six months. Year-to-date, the stock has returned 93%, significantly outperforming the Sensex’s YTD gain of 13% and six-month gain of 6.4%. The stock reached a 52-week high of ₹54.25 on October 4th, 2024, after hitting a low of ₹19.37 on March 14th, 2024.
First Piper 