Delhi, December 12, 2024 (Navroze Bureau) – Shares of Anil Ambani-led company Reliance Power Limited hit an upper circuit of 5% today. The company’s shares reached the level of Rs 46.24 on BSE. The reason behind the rise in the shares of Reliance Power Limited is the subsidiary company getting a solar project.
Reliance Power shares have gained over 22% so far in 2024. The company has a 52-week high of Rs 54.25 and lowest of Rs 19.37.
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The company has informed that Reliance New Suntech Private Limited has secured a 930 MW solar energy project with battery energy storage systems in the auction of Solar Energy Corporation of India (SECI). This auction of solar project was held on December 9, 2024. Reliance New Suntech has successfully bid at Rs 3.53 per unit (kilowatt per hour) in the 17th round of auction of SECI.
As per the bidding conditions, Reliance New Suntech will have to install a minimum storage system of 465 MW/1,860 MWh capacity along with the solar project. The company is yet to receive the allotment letter for the project from SECI. SECI will enter into a power purchase agreement (PPA) with Reliance New Suntech for a time frame of 25 years. The solar power purchased will be sold to the distribution companies of the country.
Reliance Power is one of the leading power generation companies in the country
Reliance Power Limited, a unit of the Reliance Group, is one of the country’s leading power generation companies. The company has an installed capacity of 5,300 MW. This includes the 3,960 MW Sasan large power project operating in Madhya Pradesh.