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ReNew Power and energy storage firm Fluence on Thursday (20 January) announced an agreement to form a new company to offer storage services across India.

The joint venture proposed to offer Battery Energy Storage Solutions (BESS) to varied customers in the Indian market, including EPC and asset management services. The JV is expected to start operations in first half of 2022.

"ReNew Power and Fluence’s 50:50 JV will cater to a market projected to reach 27GW/108GWh by 2030, according to India’s Central Electricity Authority, from just a few MWh today," the ReNew Power said in statement on Thursday.

Managed and operated by an independent management team and board, the JV aims to bring market-leading energy storage technology and global experience to Indian customers by localizing and integrating Fluence’s energy storage products and packages in India, the statement added.

Founded by AES (a global energy company) and Siemens in 2018, Fluence has projects in 30 markets around the world, it said.

Speaking about the partnership, Sumant Sinha, Chairman and CEO, ReNew Power, said, “India’s energy transition and its ambition to achieve net zero by 2070 calls for strong and rapid storage integration with the grid. We’re delighted to partner with Fluence, a global market leader in energy storage products and services, to bring localized solutions for India".

"By partnering with a leading developer such as ReNew to form a local company, we can rapidly increase our India presence and bring our industry-leading experience and technology to local developers," Fluence CEO Manuel Pérez Dubuc said.

The JV will kick off by providing a solution to its first customer, ReNew, with 150 MWh BESS required for its 300 MW Peak Power Project in Karnataka, the statement said.