Anil Ambani’s Reliance Power shares staged a mild recovery today after the ADAG group stock slipped over 6% on Monday hitting a low of Rs. 35.40. The stock witnessed a positive movement at the counter with a rise of 0.85%. The rebound comes after the Anil Ambani–led company outlined an ambitious clean-energy expansion plan anchored by a 4 GW solar and 6.5 GWh battery energy storage system (BESS) project pipeline under its new platform, Reliance Nu Energies. Over the last year, Reliance Nu Energies has “locked in” a diversified pipeline of solar and storage projects, including large allocations from SECI and SJVN as well as a strategic cross-border project in Bhutan.
The anchor portfolio now comprises 4 GW of solar capacity, 6.5 GWh of grid-scale BESS and 770 MW of hydro-based capacity, all backed by 25-year power purchase arrangements with strong counterparties.The portfolio includes SECI solar-plus-storage tender with 930 MW of solar and 1,860 MWh BESS, SJVN-linked projects combining 1,100 MW of solar with 3,700 MWh BESS, and a 510 MW solar plus 770 MWh hydro project in partnership with Bhutan’s Druk Holding & Investments. Commercial operations for these projects are staggered between FY27 and FY31, providing long-term growth visibility.The company said the BESS midstream value chain — from cell manufacturing to engineering, procurement and construction (EPC) and system integration — presents a business opportunity of ₹3 lakh crore. “Together, the three platforms create a fully integrated clean-energy flywheel including manufacturing, storage, renewable generation and digital energy solutions. This positions the group as a future-ready energy leader capable of supporting India’s 500 GW non-fossil target,” the company said.
Anil Ambani Group’s big bet on entering the clean-energy chain comes at a time when the group is facing scrutiny from the ED, CBI and SEBI over multiple cases. Recently, the Enforcement Directorate (ED) filed a chargesheet against Reliance Power and several of its top executives — including former CFO Ashok Kumar Pal — alleging that a Rs 68.2 crore bank guarantee submitted to the Solar Energy Corporation of India (SECI) was fake, issued through a shell entity and backed by forged endorsements and spoofed emails.Reliance Power said that its subsidiaries and its employees “acted bona-fidely and are victims of a fraud” committed by the third parties.
“It is reiterated that the Company, Reliance Power Limited, its subsidiaries and its employees acted bona-fidely and are victims of a fraud, forgery, cheating and conspiracy committed by the third parties,” Reliance Power said in a regulatory filing on 6 December.It added that the ED allegations have not yet passed through judicial scrutiny and the company has not been found guilty of any wrongdoing. “The company will get an opportunity to put across its case and facts before the court, even before cognizance, so filing of this complaint does not affect the affairs of the company in any manner,” it said.“Reliance Power Limited continues to operate normally, remaining fully committed to growth, operational excellence, and the creation of sustainable value for all stakeholders, including its community of over 43 lakh shareholders,” the company said while maintaining its as well as its officials’ innocence.Reliance Power share price has fallen 10% in a month, and declined 23% in three months. The stock has dropped 43% over the past six months and plunged 21% on a year-to-date (YTD) basis. Reliance Power shares have rallied 48% in two years and have jumped 125% in three years. The stock has delivered multibagger returns of 846% in the past five years.