- The new company will provide energy storage solutions to a diversified customer base in the Indian energy market, powered by Fluence's global experience and ReNew's pioneering role in the sector - The JV's first customer will be ReNew for 150MWh BESS at its 300 MW Peak Power Project site with SECI

Fluence, a global market leader in energy storage products, services, and digital applications for renewables and storage, and ReNew Power ("ReNew") (NASDAQ: RNW) (NASDAQ: RNWWW), India's leading renewable energy company, today announced an agreement to form a new company to meet the needs of local customers across India that will address the fast-developing energy storage market in India.

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. 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.

Founded by AES (a global energy company) and Siemens in 2018, Fluence has projects in 30 markets around the world. Its global experience, modular products and sophisticated software enable its customers to modernize electric grids and accelerate local renewable deployment while maintaining reliability.

Energy storage will be a key enabler to achieve India's climate goal of 450 GW of renewable capacity addition by 2030. ReNew has a head-start in India's stationary energy storage space via its intelligent energy solution portfolio that currently consists of the 300 MW Peak Power Project and a 400 MW Round-the-Clock (RTC) Power Project.

With these marquee projects, ReNew sees huge value in India's fledgling energy storage sector and is entering into the JV with Fluence to offer BESS solutions to varied customers in the Indian market, including EPC and asset management services.

The JV is expected to start operations in H1 2022.

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.

I expect it to set new milestones for the storage industry in India," added Sinha.

Manuel Pérez Dubuc, Fluence CEO, said, "Fluence is committed to accelerating India's clean energy transition. We will support the country's ambitious climate goals in a capital-efficient manner by localizing our products to align with specific market needs, making our patented technologies and designs available to the joint venture and increasing the made-in-India content over time. 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."

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 state.

In 2019, Fluence delivered India's first battery-based energy storage project.

About Fluence: Fluence is a global market leader in energy storage products and services and digital applications for renewables and storage. As of September 30, 2021, the company has more than 3.6 GW of energy storage deployed or contracted in 30 markets globally, and more than 4.7 GW of wind, solar, and storage assets optimized or contracted in Australia and California. Through our products, services, and AI-enabled Fluence IQ platform, Fluence is helping customers around the world drive more resilient electric grids and a more sustainable future.

For more information about Fluence, please visit: fluenceenergy.com

About ReNew: ReNew is one of the largest renewable energy Independent Power Producers (IPPs) in India and globally. ReNew develops, builds, owns, and operates utility-scale wind and solar energy projects, hydro projects and distributed solar energy projects. As of December 31, 2021, ReNew had a total capacity of approximately 10.3 GW of renewable energy projects across India, including commissioned and committed projects. For more information, please visit: www.renewpower.in Follow ReNew Power on Twitter @ReNew_Power