Anil Ambani's Reliance NU Suntech to build solar project worth ₹10,000 crore, signs 25-year agreement with SECI

Reliance NU Suntech, a subsidiary of Anil Ambani-owned Reliance Power, has signed a 25-year Power Purchase Agreement with the Solar Energy Corporation of India, a PSU under the Ministry of New and Renewable Energy, to develop and commission Asia’s largest single-location integrated solar and battery energy storage system (BESS) project.

The project involves an investment of up to ₹10,000 crore and is expected to be finished in 24 months, the company said in an exchange filing on Friday, May 2, 2025.

Following the announcement, Reliance Power shares jumped nearly 3.90% to ₹41.54 apiece on the BSE.

Key details

The agreement between Reliance NU Suntech and SECI comprises the supply of 930 MW of solar power integrated with 465 MW/1,860 MWh BESS, at a fixed tariff of ₹3.53 per kWh. The project will deploy more than 1,700 MWp of installed solar generation capacity to achieve 930 MW of solar power, the exchange filing states.

In December 2024, Anil Ambani's owned Reliance NU Suntech secured the bid at SECI Tranche XVII auction, winning an allocation of 930 MW of solar power capacity along with a 465 MW/1,860 MWh BESS. The allocation was secured through a tariff-based competitive bidding process in which five energy companies participated.

Reliance Power submitted a Performance Bank Guarantee (PBG) worth ₹378 crore to the SECI. The company claimed that the entire bidding process, which included reverse auction, the issuance of the Letter of Award, and the signing of the Power Purchase Agreement, was completed in less than five months.

Reliance Power Q3FY25 results

On the financial front, Reliance Power declared a profit of ₹41.95 crore for the quarter ended December 2024 after reporting a loss of ₹1,136.75 crore in the corresponding quarter of the previous fiscal year, as Mint reported on February 6, 2025. The total revenue rose from ₹1,998.79 crore to ₹2,159.44 crore. Meanwhile, the expenses declined to ₹2,109.56 crore in the Q3FY25 to ₹3,167.49 crore in the third quarter of the previous fiscal year.