Reliance Power Ltd News

Reliance NU Suntech secures 930 MW solar, 465 MW battery energy projects

Reliance Power on Tuesday said its arm Reliance NU Suntech has secured a solar project of 930 MW and 465 MW battery energy storage system (BESS) project from Solar Energy Corporation of India (SECI). The project will see the second largest deployment of grid storage batteries at a single site in Asia, after China, a company statement said. According to the statement, Reliance Power subsidiary, Reliance NU Suntech Private Ltd (Reliance NU Suntech) received a Letter of Award from SECI for its proposed Solar 930 MW and 465 MW/1860 MWh BESS projects. The competitive tariff with an assured supply of peak power for 4 hours daily will be a relief for DISCOMs that have had to consistently buy power from the power exchanges during peak hours at the cap of Rs 10 per unit. Reliance NU Suntech won the 930 MW solar energy contract in an e-reverse auction held on December 9, 2024. As per the terms of the tender, Reliance NU Suntech will also install a minimum storage capacity of 465 MW/1,860 MW

Reliance Power hits 5% upper circuit on large solar project win; details

Shares of Reliance Power reached their 5 per cent at Rs 46.24 per share in the early morning trade of Thursday

Reliance NU Suntech wins India's largest solar and battery storage project

The project was secured through SECI's Tranche XVII e-reverse auction held on December 9, 2024, at a winning tariff of Rs 3.53 ($0.0416) per kWh (kilowatt-hour)

Reliance Power forms new arm for renewable energy biz; appoints CEO, COO

Reliance Power on Tuesday announced setting up its renewable energy business arm Reliance NU Energies and appointed Mayank Bansal as Chief Executive Officer and Rakesh Swaroop as Chief Operating Officer of the subsidiary. Both of them have joined the company from ReNew. Bansal was Group President of ReNew Power's India RE Business and Swaroop served as Vice President and Head of Utility Business at ReNew Power. It has set up a new subsidiary namely Reliance NU Energies for renewable energy business, Reliance Power said in a statement. "The new subsidiary Reliance Nu will innovate and seize the opportunities in developing clean, affordable and reliable energy solutions that India and the world's growing demand for sustainability needs," it said. Reliance Nu focuses on solar, wind, hybrid systems, and advanced energy storage to address these needs. On the appointment of CEO and COO, Reliance Power said the two energy sector veterans will helm Reliance Power's new initiative, Relianc

SECI withdraws debarment notice to RPower; firm eligible for future tenders

SECI on Tuesday said it has withdrawn the debarment notice issued to Reliance Power, enabling the Anil Ambani-led firm to participate in future tenders of the public sector entity. Solar Energy Corporation of India Limited (SECI), which serves as the implementing agency for renewable energy projects, had on November 6 debarred Reliance Power Ltd and Reliance NU BESS Ltd from participating in any of its tenders for three years for allegedly submitting "fake documents". On November 13, SECI had also slapped a show cause notice on Anil Ambani-run Reliance Power, asking why criminal proceedings should not be initiated after fake bank guarantee was submitted by its unit. In the latest statement on Tuesday, SECI said the withdrawal of its debarment notice is without prejudice to its right to take all actions in accordance with the law. Following the legal proceedings related to this matter, the debarment notice issued to Reliance Power Limited has been withdrawn with immediate effect," S

Delhi HC stays clean energy agency's ban on Ambani's firm Reliance Power

The Delhi High Court has stayed clean energy agency SECI's decision to bar Anil Ambani group firm Reliance Power Ltd from participating in auctions for three years, the company said on Tuesday. The Solar Energy Corporation of India (SECI) had earlier this month barred Reliance Power and its units from participating in auctions for three years over allegations of submitting a fake bank guarantee to support its bid for a recent battery storage tender. "High Court of Delhi, in its hearing held today, has granted stay on notice of debarment and public notice issued by SECI against the company, including all its subsidiaries except Reliance NU BESS Limited (formerly known as Maharashtra Energy Generation Limited)," the firm said in a stock exchange filing. Reliance NU BESS had submitted a bank guarantee purportedly issued by the FirstRand Bank through its branch supposed to be located in Manila City, Manila, the Philippines. Upon detailed investigation, it was confirmed by the Indian ..

Reliance Power, Reliance Infra climb up to 5% after board restructuring

Shares of Reliance Power, and Reliance Infrastructure rose up to 5 per cent in intraday deals on Tuesday after the companies announced a restructuring of their respective board of directors

Anil Ambani's RPower gets SECI showcause over 'fake bank documents'

Agency may weigh criminal proceedings against Anil Ambani-owned firm

SECI weighs criminal action against Reliance Power over fake bid documents

SECI said on Wednesday that the bank guarantee submitted by the unit, Reliance NU BESS, was also fake

Reliance Power posts Rs 2,878 cr profit in Q2, income dips to Rs 1,962.7 cr

Reliance Power has posted a consolidated net profit of Rs 2,878.15 crore in the July-September quarter of this financial year. The company had reported a net loss of Rs 237.76 crore in the quarter ended September 30, 2023. Total income of the company dipped to Rs 1,962.77 crore in the quarter under review, from Rs 2,116.37 crore in the same period a year ago. The company has gained Rs 3,230.42 crore on deconsolidation of a subsidiary, the company said in a regulatory filing on Tuesday. Deconsolidation of a subsidiary occurs when assets, liabilities, and equity associated with the subsidiary are no longer reflected in the parent company's financial position. During the July-September quarter, Reliance Power has settled Rs 3,872 crore guarantor obligations for its subsidiary Vidarbha Industries Power Ltd (VIPL). "... The entire obligations of the Parent Company (Reliance Power) as a guarantor on behalf of VIPL stands fully settled resulting in the release and discharge of corporate

Reliance Power shares drop 5% after it gets debarred from SECI for 3 yrs

Shares of Reliance Power Ltd fell by 5 per cent on Friday as the company and Reliance NU BESS Ltd have been debarred from participating in Solar Energy Corporation of India Ltd (SECI) tenders for three years for allegedly submitting "fake documents". The stock tanked 4.99 per cent to Rs 41.47 -- its lower circuit limit -- on the BSE. On the NSE, shares of the firm dropped 5 per cent to hit the lowest trading permissible limit for the day at Rs 41.58. In a note, SECI said, "Based on the examination of documents submitted by Maharashtra Energy Generation, now known as Reliance NU BESS (for a project), it was discovered that as per the tender requirements, the endorsement of the Bank Guarantee against EMD (issued by a foreign Bank), as submitted by the Bidder, was fake." The issue is related to the RfS issued by SECI for setting up 1000 MW/2000 MWh Standalone BESS Projects under tariff-based competitive bidding. Since the above discrepancy was discovered subsequent to the e-reverse .

Reliance Power hits 5% lower circuit; here's what's worrying investors

Reliance Power shares have slumped to Rs 41.47 and hit 5 per cent lower circuit on BSE

SECI bars Reliance Power for three years over fake tender document

Submission of fake bank documents reason for debarment, says SECI

Reliance Power clears debt of Rosa Power focusing on green energy growth

Rosa Power operates a 1,200 megawatt (MW) coal-based thermal plant in Uttar Pradesh and had earlier, in September, cleared Rs 833 crore of its debt

Reliance Power gets shareholders' nod to raise Rs 1,525 cr via shares

Reliance Power said it has received shareholders' approval to raise Rs 1,524.60 crore through issuance of preferential shares. A resolution through a postal ballot notice has been passed with requisite majority, the company said in a late night stock exchange filing on Wednesday. According to the postal ballot notice, the company will raise up to Rs 1,524.60 crore by preferential issue of up to 46.20 crore equity shares and/or warrants convertible into equivalent number of equity shares at a price of Rs 33 per apiece. On September 23, the board of Reliance Power Ltd had approved raising Rs 1,524.60 crore through issue of preferential shares, wherein promoters will infuse Rs 600 crore into the company to advance its business. Reliance Infrastructure, the promoter of the company, will enhance its equity stake by over Rs 600 crore. The other investors who will participate in the preferential issue include Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory ...

Reliance Power hits 5% lower circuit as board okays $500 mn fundraise

Reliance Power's share price was locked in 5 per cent lower circuit at Rs Rs 40.06 a piece on the BSE

Reliance Power to raise Rs 4,198 crore through convertible bonds

The announcement follows Reliance Power's recent progress towards becoming debt-free, with its subsidiary Rosa Power prepaying Rs 850 crore to Värde Partners in September

Reliance Power share rises 5% as board to mull long-term fundraising

Reliance Power's board in a meeting on October 3 will consider raising long term resources

Reliance Power's subsidiary Rosa prepays Rs 850 cr debt to Varde Partners

The prepayment brings Rosa Power closer to achieving zero debt, following its parent company's debt-free status earlier this month

RPower seeks shareholders' nod to raise Rs 1,525 cr via preferential issue

Reliance Power will seek shareholders' approval to raise Rs 1,524.60 crore through a preferential issue. According to the postal ballot notice, the company will raise up to Rs 1,524.60 crore by preferential issue of up to 46.20 crore equity shares and/or warrants convertible into equivalent number of equity shares of the company at a price of Rs 33 per share/warrant. The e-voting period that commenced earlier on Tuesday, will end on Wednesday, October 23, 2024. The result of the postal ballot will be announced on or before on Friday, October 25, 2024. On September 23, the board of Reliance Power Ltd had approved raising Rs 1,524.60 crore through a preferential issue where promoters will pour Rs 600 crore into the company to advance its business. Reliance Infrastructure, the promoter of the company, will enhance its equity stake by over Rs 600 crore. The other investors who will participate in the preferential issue include Authum Investment and Infrastructure Ltd and Sanatan Finan