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Reliance Power, led by the other Ambani brother, secured a surprise contract to develop one of India’s largest solar plants and energy storage systems.
The deets: awarded through the Solar Corporation of India, the contract covers the buildout of a 930MW solar plant, along with a 465MW battery storage system.
SECI will sign a power purchase agreement with Reliance for 25 years.
The deal will place Reliance Power at the center of the country’s renewable energy push. Stock rose ~2% initially but was pulled lower by the broader market, though it’s up a solid 94% in 2024.
Big picture: Nearly 16% of India’s total electricity comes from solar power today, which has grown nearly a 1000 times since 2010. The opportunity is incredible.
