Anil Ambani’s Reliance Power, Reliance Infra SharesLocked in Upper Circuit After Solar Deal, Bhutan JV News

Shares of Anil Ambani-owned Reliance Infrastructure and Reliance Power rallied sharply on Wednesday (August 20), hitting the 5% upper circuit limit amid positive business developments in the group’s renewable energy portfolio. 

Reliance Infrastructure Limited announced that it has received a Letter of Award (LOA) from NHPC for a 390 MW interstate transmission system (ISTS)-connected solar power project integrated with a Battery Energy Storage System (BESS). The project is expected to add 700 MWp of solar DC capacity and 780 MWhr of BESS capacity to Reliance Group’s clean energy portfolio. The winning tariff of ₹3.13/kWh makes it one of the most competitive projects in India’s energy transition space.

Separately, Reliance Power Limited revealed the formation of a joint venture with Bhutan’s state-owned Green Digital Private Limited. The new entity, GDL–Reliance Solar Pte Ltd (GRSPL), incorporated on 24 July 2025 under the Gelephu Mindfulness City Special Administrative Region, marks a 50:50 partnership. Reliance Enterprises Private Limited (REPL), a Reliance Power subsidiary, has subscribed to 2,25,000 shares worth $100 each, giving Reliance Power an indirect 25% stake in the JV. The partnership will focus on renewable energy initiatives, strengthening Reliance Power’s international clean energy footprint. Following these announcements, both Reliance Infrastructure and Reliance Power shares froze at their respective upper circuits.