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NEW DELHI : Indian renewable energy producer O2 Power Pvt Ltd (O2 Power) and US-based Powin LLC have signed a memorandum of understanding to provide customised and competitive battery storage solutions for the Indian renewable energy market.
A joint statement from the companies said that Powin’s agreement with O2 Power represents its entry into the India market, bringing Powin’s global presence to a total of nine countries.
Since O2 Power’s founding by EQT Infrastructure and Temasek in 2019, the company has won around 1.8 GW of projects across a diverse portfolio. In addition to its growing renewable energy pipeline, O2 Power aims to become a key player in the design and build of stand-alone storage systems and renewable energy integrated storage systems that are efficient, scalable, and cost-effective, the statement said.
Peeyush Mohit, founder and chief operating officer, O2 Power, said: “India has crossed 100 GW of renewable energy installed capacity and intends to reach 500 GW by 2030. Batteries will play a key role in balancing a grid that has such large volumes of renewable energy capacity. We, at O2 Power, see a big opportunity in providing battery integrated solutions to power utilities as well as C&I (commercial and industrial) customers desiring RTC (round-the-clock) power."
Noting that Powin is a global leader in large scale energy storage solutions, the COO said that by joining hands with them, O2 Power intends to bring reliable and cost-effective storage solutions to the Indian market.
As a part of the agreement, Powin will supply O2 Power with its advanced Stacks product lines including Centipede BESS hardware platform and StackOS software platform. Powin will be responsible for the delivery and commissioning of the battery energy storage systems, while O2 Power will provide full EPC (engineering, procurement, and construction) services for the projects they are developing.
Anthony Carroll, chief revenue officer, Powin Energy, said: “We are delighted to enter the Indian market with O2 Power. India represents one of the fastest-growing energy markets in the world and O2 Power has emerged as a leader in developing and building renewable energy projects."
Energy storage, energy transition and focus on renewable energy has gained emphasis amid the government's commitment to achieve net zero carbon emission by 2070. About
O2 Power was jointly set up by EQT Infrastructure and Temasek to develop and execute utility-scale renewable energy projects in India with a total equity commitment of up to $500 million through 2020-2025.
According to the company, it has built a pipeline of 1.84 GW of renewable energy assets that is diversified across high-quality off-takers, spread across four major states of India, serving power utilities and well as commercial and industrial customers.
As a global major in the design and manufacture of safe and scalable battery energy storage solutions, Powin supplies the software and hardware to the growing volume of next generation energy storage projects that would help transform the grid, enable high levels of renewable generation and put conventional generators out of business.
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