Reliance Group-Backed Power Stock Under Rs 55 Receives Letter of Award from SJVN Limited
The stock gave multibagger returns of 128.4 per cent from its 52-week low of Rs 23.26 per share.
Reliance NU Energies Private Limited, a subsidiary of Reliance Power, has received a Letter of Award (LOA) from SJVN Limited, a leading Navratna Public Sector Enterprise. This LOA is for a 350 MW inter-state transmission system (ISTS)-connected solar power project, which will be coupled with a 175 MW/700 MWh Battery Energy Storage System (BESS). This significant achievement follows Reliance Power's earlier success in securing the largest allocation in SJVN's ISTS-connected solar + BESS tender. The project will involve the installation of 600 MW solar DC capacity and 175 MW/700 MWh of BESS capacity.
Reliance NU Energies secured this project with a competitive tariff of Rs 3.33/kWh through a rigorous bidding process. Once commissioned, this platform will further bolster Reliance Power's portfolio, adding 600 MW of solar DC capacity and 700 MWh of BESS capacity. This development solidifies Reliance Power's position as India's largest player in the integrated Solar + BESS segment, with a total clean energy pipeline now standing at 2.4 GW of Solar DC capacity and over 2.5 GWH of BESS capacity, cementing its leadership in the new energy landscape.
The project was part of a larger 1,200 MW solar + 600 MW/2,400 MWh BESS tender, which saw robust participation from 19 developers, with 18 qualifying for the final e-reverse auction. The tender was oversubscribed by more than four times, underscoring the strong industry interest in dispatchable renewable energy solutions. This project not only reinforces Reliance Power’s strategic commitment to renewable energy leadership and sustainable value creation but also marks a significant milestone in the company’s vision to transition towards cleaner energy sources and contribute to India’s sustainable energy future.
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About Reliance Power Ltd
Reliance Power Limited, part of the Reliance Group, is one of India's leading private sector power generation companies. The company has an operating portfolio of 5,305 megawatts, that includes 3960 megawatts Sasan Power Limited (world's largest integrated coal-based power plant). For the past seven years, Sasan Power has consistently ranked as the best operating power plant in India.
On Thursday, shares of Reliance Power Ltd surged 3.53 per cent to Rs 52.23 per share from its previous closing of Rs 50.45 per share. The company has a market cap of Rs 20,000 crore. The stock gave multibagger returns of 128.4 per cent from its 52-week low of Rs 23.26 per share.
Disclaimer: The article is for informational purposes only and not investment advice.