Reliance Infra shares up 3% today: Here we decode why
What's the story
Anil Ambani-backed Reliance Infrastructure's shares surged by over 3% today, following the company's announcement of a major order from state-run energy giant NHPC. It is now trading at ₹270.9 per stock. The company has been awarded a Letter of Award (LoA) for a 390MW interstate transmission system (ISTS)-connected solar power project with an integrated Battery Energy Storage System (BESS).
Capacity increase
Project to add to existing renewable energy portfolio
The new project will add 700MWp of solar DC capacity and 780MWh of BESS capacity to Reliance Group's existing renewable energy portfolio. The group already has a nearly 2.5GWp of Solar and 2.5 GWhr of BESS capacity through its listed entity, Reliance Power. With this addition, the total clean energy pipeline will cross 3GWp of solar DC capacity and over 3.5GWhr of BESS capacity, making it India's biggest player in the integrated Solar + BESS segment.
Competitive pricing
Winning tariff for the project
The winning tariff for the project was discovered at ₹3.13 per kWh, making it one of the most competitive in India's energy transition space. The project is part of a larger 1,200MW solar + 600MW/2,400MWh BESS ISTS-connected tender floated by NHPC, that saw the participation from 15 entities with 14 qualifying for the e-reverse auction.
Company profile
A look at Reliance Infra's business
Reliance Infrastructure is one of India's largest infrastructure firms, developing projects through Special Purpose Vehicles (SPVs) across high-growth sectors like power, roads, metro rail, and defense. The company has executed infrastructure projects including the Mumbai Metro on a Build, Own, Operate, and Transfer (BOOT) basis, and several road projects on a Build Operate Transfer (BOT) method.