Reliance Power Limited 's wholly-owned subsidiary, Reliance Nu Energies Private Limited, has secured a significant 750 MW / 3000 MWh capacity in a recent tender. This development marks a substantial leap forward in Reliance Power's strategic shift towards cleaner energy sources.

Tender Details and Project Scope

The award comes as part of SJVN Limited's 1500 MW / 6000 MWh Firm and Dispatchable Renewable Energy (FDRE) ISTS tender. Reliance Nu Energies' allocation represents 50% of the total tender capacity, showcasing the company's competitive edge in the renewable energy market. The project will feature an installed capacity of 900 MWp of solar power integrated with over 3,000 MWh of Battery Energy Storage System (BESS).

Competitive Pricing and Market Position

Reliance Nu Energies secured this substantial capacity at a tariff of ₹6.74 per kWh through an online auction process. This pricing strategy demonstrates the company's efficiency in India's evolving renewable energy landscape.

Strengthening Reliance Power's Renewable Portfolio

With this latest award, Reliance Power has significantly bolstered its position in the solar and battery storage sectors. The company's renewable energy portfolio now includes:

This expansion, achieved across four tenders in less than a year, strengthens Reliance Power's position in India's new energy landscape.

Strategic Implications

The project aligns with Reliance Power's long-term vision of transitioning towards cleaner energy sources. It represents a key step in the company's commitment to sustainable value creation and its role in shaping India's renewable energy future.

Financial Performance Context

While this project marks a significant operational milestone, it's worth noting Reliance Power's recent financial performance. The company reported:

• PAT (Profit After Tax): ₹87.00 crore, an improvement from a loss of ₹352.00 crore in the same quarter of the previous fiscal year
• EBITDA: ₹618.00 crore, up 64% year-over-year
• Total Income: ₹2,067.00 crore, an increase from ₹1,963.00 crore in the corresponding quarter of the previous year

These figures indicate a positive trajectory for Reliance Power, providing a financial foundation for its renewable energy initiatives.

Future Outlook

The success in securing this large-scale solar and battery storage project positions Reliance Power favorably in India's growing renewable energy market. As the country pushes for greater adoption of clean energy, Reliance Power's expanded capabilities in solar and battery storage technologies may play a role in meeting national energy goals.

This project enhances Reliance Power's renewable portfolio and contributes to India's renewable energy capacity, aligning with the country's targets for clean energy adoption and carbon emission reduction.

Reliance Power , a key player in India's private power generation sector, has reported significant developments in its financial management and employee incentive program.

Preferential Issue Proceeds Utilization

Reliance Power Limited has submitted its monitoring agency report for the quarter ended September 30, 2025, regarding the utilization of proceeds from its preferential issue of convertible warrants worth Rs. 1,524.60 crores. The monitoring agency, Infomerics Valuation and Rating Limited, reported no deviation from the stated objects and no range of deviation from the allocated amounts.

Key points from the report include:

• No utilization of issue proceeds during the quarter
• Rs. 26.49 crores remain unutilized, invested in fixed deposits with scheduled commercial banks
• Original allocation of proceeds:
  • Expansion of business operations: Rs. 803.60 crores
  • General corporate expenses: Rs. 381.00 crores
  • Debt reduction: Rs. 340.00 crores
• Total utilization across all objects since the issue: Rs. 668.16 crores
• Previous allotment of 11.88 crore equity shares upon exercise of warrant rights for Rs. 392.04 crores

Stock Option Grant

The company's Nomination and Remuneration Committee has approved the grant of 99,92,103 employee stock options under the Reliance Power Employee Stock Option Scheme, 2024. These options are convertible into an equal number of fully paid-up equity shares with a face value of Rs. 10 each. The pricing of these options was determined using two formulas:

1. Options granted at face value of Rs. 10
2. Options granted at a 20% discount to the closing market price on NSE as of November 07, 2025, which was Rs. 31.35

The vested options can be exercised within a maximum period of 4 years from the vesting date, subject to the scheme's conditions.

Q2 FY26 Financial Highlights

Reliance Power reported a notable turnaround in its financial performance for Q2 FY26:

Financial Position and Debt Management

The company's financial position shows signs of improvement:

• Debt to Equity Ratio: 0.87, reported as among the lowest in the industry
• Debt Servicing: Rs. 634.00 crore in Q2 FY26
• Net Worth: Rs. 16,516.00 crore as of Q2 FY26

Strategic Initiatives

Reliance Power's board has approved seeking an enabling resolution from members to raise up to US$ 600.00 million through the issuance of Foreign Currency Convertible Bonds (FCCBs). This move aims to fund the company's growth initiatives.

Operational Portfolio

Reliance Power maintains an operating portfolio of 5,305 megawatts, which includes the 3,960 megawatt Sasan Power Limited, recognized as the world's largest integrated coal-based power plant. Notably, Sasan Power has been ranked as the best operating power plant in India for the past seven years.

The company's strategic focus on employee incentives, coupled with its improved financial performance and debt reduction efforts, signals a potential turnaround in its operations. However, investors should note that these developments come amid ongoing challenges in the power sector and should be viewed in the context of broader market conditions.