Tata Power Renewable and ONGC Sign MoU to Develop Battery Energy Storage Solutions

Tata Power Company Ltd announced on February 12 that its subsidiary, Tata Power Renewable Energy Ltd (TPREL), has signed a non-binding Memorandum of Understanding (MoU) with Oil and Natural Gas Corporation Ltd (ONGC). The agreement aims to explore potential opportunities in the Battery Energy Storage System (BESS) sector and its associated value chain.

Strategic Collaboration to Strengthen India’s Energy Transition

The MoU signifies a strategic partnership between two leading energy companies to drive advancements in energy storage solutions. The focus will be on utility-scale energy storage, grid stabilization services, renewable energy integration, microgrids, hybrid energy solutions, industrial and commercial storage, backup power systems, electric vehicle (EV) charging infrastructure, and energy trading through ancillary services.

Leadership Comments on the Collaboration

Highlighting the importance of this collaboration, Deepesh Nanda, CEO & Managing Director, TPREL, stated:

"This partnership with ONGC marks a significant milestone in our journey to drive India’s energy transition. Battery Energy Storage Systems will play a crucial role in strengthening grid reliability, enabling greater renewable energy integration, and supporting India’s ambitious clean energy goals."

Arun Kumar Singh, Chairman and CEO of ONGC, also emphasized the significance of this initiative, saying:

"As India transitions towards a sustainable energy future, ONGC remains steadfast in its commitment to advancing clean energy initiatives. This collaboration with Tata Power Renewable Energy represents a strategic step towards strengthening energy storage capabilities, which are vital for grid stability and renewable energy adoption."

Supporting India’s Renewable Energy Goals

The collaboration between Tata Power Renewable Energy Ltd and ONGC aligns with India’s ambitious renewable energy targets, particularly the National Electricity Plan (NEP) 2023, which emphasizes energy storage solutions to improve grid reliability and efficiency.

With India’s commitment to achieving 500 GW of non-fossil fuel capacity by 2030, battery energy storage will play a critical role in ensuring a stable and resilient power grid. By jointly exploring opportunities in BESS, Tata Power and ONGC aim to contribute significantly to India’s clean energy transition and build a future-ready energy ecosystem.

Stock Market Update

Following the announcement, shares of Tata Power Company Ltd closed at ₹348.25 on the Bombay Stock Exchange (BSE), reflecting a marginal decline of ₹0.80 or 0.23%. Despite the slight dip, the company’s long-term growth prospects remain strong, particularly with its continued expansion in the renewable energy and energy storage sectors.

Conclusion

The collaboration between Tata Power Renewable Energy Ltd (TPREL) and ONGC marks a significant step toward strengthening India’s energy storage infrastructure. By focusing on Battery Energy Storage Systems (BESS) and its value chain, both companies aim to enhance grid stability, improve renewable energy integration, and accelerate India's transition to a clean energy future.

With India’s ambitious renewable energy goals for 2030, this partnership underscores the growing importance of energy storage solutions in ensuring a reliable, efficient, and future-ready power grid. As the global energy landscape shifts towards sustainability, strategic collaborations like this will play a crucial role in shaping the future of India’s power sector.