Reliance Power sets up renewables arm

Reliance Power has set up a new subsidiary, Reliance Nu Energies, for renewable energy business. Mayank Bansal and Rakesh Swaroop, who previously worked with ReNew Power, join Reliance Nu Energies as chief executive officer and chief operating officer, respectively.

December 10, 2024 Uma Gupta

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Reliance Power has set up a new subsidiary, Reliance Nu Energies, to focus on renewable energy solutions across solar, wind, geothermal and firm and dispatchable renewable energy (FDRE) to energy storage such as pump storage hydropower (PSP) and battery energy storage system.

Mayank Bansal, CEO of Reliance NU Energies, brings 25 years of expertise in renewable energy and management consulting. Prior to joining Reliance NU Energies, Bansal served as group president of ReNew Power’s India RE Business, leading initiatives such as a digital transformation recognised by the World Economic Forum and scaling the platform to over 10 GW of operating capacity. He has also worked with A.T. Kearney and McKinsey.

Rakesh Swaroop, Reliance NU Energies’ COO, brings over 17 years of experience in startups and the energy sector. Previously, he served as vice president and head of utility business at ReNew Power and held leadership roles at PR Clean Energy, Agni Energy, and Siemens Power Engineering.

Reliance Power Ltd, part of the Reliance Group, has an installed power generation capacity of 5,300 MW. It operates the 4,000 MW Sasan Ultra Mega Power Project in Madhya Pradesh, the world’s largest integrated thermal power plant.

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