Renewable energy firm O2 Power and lithium-ion energy storage company Powin have signed a memorandum of understanding (MoU) to provide customised systems for the Indian market.
As a part of the agreement, Powin will supply O2 Power with its front-of-the-meter and behind-the-meter Stacks product lines, including hardware and software platforms.
US-firm Powin will be responsible for the delivery and commissioning of the energy storage systems, while Indian company O2 Power will provide full engineering, procurement, and construction services for the projects.
Since O2 Power’s founding by EQT Infrastructure and Temasek in 2019, the company has won around 1.8GW of renewable energy projects.
As of last August, India had installed 100GW of renewable energy capacity, had 50GW under installation and 27GW under tendering; the Indian government aims to have 175GW installed capacity by 2022 and 500 GW by 2030.
Peeyush Mohit, founder and chief operating officer O2 Power, said: “Batteries will play a key role in balancing a grid that has such large volumes of renewable energy capacity.
“We see a big opportunity in providing battery integrated solutions to power utilities as well as C&I customers desiring RTC power.”
