(April 7, 2022) — O2 Power Pvt. Ltd (O2 Power), one of the fastest-growing renewable energy producers in India, and Powin LLC (Powin), a global leader in the design, manufacturing and integration of safe and scalable battery energy storage solutions, have signed a memorandum of understanding to provide customized and competitive battery storage solutions for the Indian renewable energy market.
Since O2 Power’s founding by EQT Infrastructure and Temasek in 2019, the company has won approximately 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.
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 customers desiring RTC power. Powin is a global leader in large scale energy storage solutions and by joining hands with them, we intend to bring reliable and cost-effective storage solutions to the Indian market.”
Powin’s agreement with O2 Power represents its entry into the India market, bringing Powin’s global presence to a total of nine countries. 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 services for the projects they are developing.
Anthony Carroll, Chief Revenue Office, 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. We are impressed with O2 Power team’s immense knowledge of local market dynamics and technical prowess, and we look forward to supporting their growth in offering energy storage solutions.”
India is one of the fastest-growing renewable energy markets globally, underpinned by the Indian government’s strong push towards achieving its ambitious target of 175 GW installed capacity by 2022 and 500 GW by 2030. As renewable energy grows across India, there is an increasing demand for energy storage solutions.
About O2 Power Pvt. Ltd: O2 Power Private Limited is a premier renewable energy IPP in India established in jointly by EQT Infrastructure and Temasek to develop and execute utility-scale renewable energy projects in India with a total equity commitment of up to US$ 500m through 2020–2025. In less than two and half years, O2 Power 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.
About Powin: As a global leader 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 will transform the grid, enable high levels of renewable generation and put conventional generators out of business.
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