Jindal Stainless Ltd, India’s largest stainless-steel manufacturer, has partnered with Oyster Renewable Energy, a private-sector power producer, to develop a 282 MW interstate wind-solar hybrid power project for self-consumption.
Oyster Renewable Energy stated that the project, strategically located in Bhuj (Gujarat) and Agar (Madhya Pradesh), will combine 82 MW of wind and 135 MWp of solar capacity in Madhya Pradesh, along with 99 MW of wind capacity in Gujarat, to meet power requirements of Jindal Stainless Ltd’s plants.
Jindal Stainless has acquired a 33.64% equity stake in Oyster Green Hybrid One Pvt Ltd, a special purpose vehicle (SPV) formed by Oyster Renewable to execute the project.
The project is backed by a INR 1,517 crore loan sanctioned by the Indian Renewable Energy Development Agency (IREDA). It will supply clean energy to Jindal Stainless’ manufacturing units under a 25-year group captive power purchase agreement.
This state-of-the-art plant will substantially reduce Jindal Stainless’ reliance on conventional grid electricity and is expected to cut carbon dioxide emissions by around 700,000 metric tonnes annually—equivalent to planting 30 million trees each year.
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