The JV intends to offer the solution to ReNew, with 150 MWh BESS required for its 300 MW peak power project in Karnataka. Therefore, based on the above mentioned factors, India is expected to witness significant demand for energy storage systems market in Asia-Pacific region.
In December 2021, the Solar Energy Corporation of India (SECI) awarded Tata Power to build a 100MW EPC solar project and a 120MWh utility-scale battery energy storage system. Tata Power is currently executing another solar project of 50MW with BESS of 50MWh battery storage in Leh.
In January 2022, ReNew Power announced plans to set up a joint venture (JV) with US-based Fluence to provide energy storage solutions in India. The JV intends to offer the solution to ReNew, with 150 MWh BESS required for its 300 MW peak power project in Karnataka.
The country has a pumped storage capacity of 4.8 GW (end of 2021). Hydropower accounts for 12% of India's total capacity, with 51.4 GW. Thus, new initiatives and projects are expected to drive the energy storage systems market.
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