(Bloomberg) -- India’s ReNew Energy Global Plc is forming a joint venture with a U.S. company backed by Siemens and AES Corp. to help develop the South Asian country’s emerging energy-storage market.

The venture will bring battery-storage technology from Arlington, Virginia-based Fluence Energy Inc. to the Indian market as the country seeks more stable clean power to meet climate goals, the two companies said in a statement Thursday. 

Cost-effective energy storage is seen as key to India’s decarbonization plans, as it helps maintain a continuous flow of clean power, including during hours when renewable sources such as wind and solar aren’t generating. India’s energy-storage market is projected to grow to 108 gigawatt hours by 2030 from just a few megawatt hours currently, the companies said, citing government forecasts. 

“We will support the country’s ambitious climate goals in a capital-efficient manner by localizing our products to align with specific market needs,” Fluence’s Chief Executive Officer Manuel Perez Dubuc said in the statement. 

Besides batteries, India is also looking at other storage solutions, including hydrogen and pumped hydro plants, to be integrated with the build out of renewable power planned through 2030.  

The venture will start with ReNew as its first customer, supplying a 150 megawatt-hour storage system for the renewable energy company’s 300-megawatt project in India’s southern Karnataka state.

Fluence Energy, itself a joint venture of Siemens and international power-plant developer AES, went public in October.

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