Jindal Stainless Inks Pact with ReNew Power to Develop 300 MW Renewable Project
The mixed project comprising solar and wind to generate 700 million units of energy annually
December 5, 2022
Jindal Stainless has signed a contract with ReNew Power to develop an approximately 300 MW utility-scale captive renewable project to power its facilities in Jajpur, Odisha.
The project would use a mix of solar and wind technologies and is expected to generate 700 million units of energy annually.
The wind-solar hybrid system will have a higher capacity utilization factor (CUF), yielding a significantly higher amount of energy per unit of the contracted capacity.
The signing of the contract will also boost ReNew Power’s round-the-clock solution for the Business-2-Business sector.
In November last year, the company invited bids to procure 224 MW of renewable power for interstate and intra-state trading to meet its additional power requirement as it expands the plant capacity.
Aiming smoother transition to sustainable manufacturing, Jindal Stainless is working towards achieving its Environmental, Social, and Governance (ESG) goals.
It is also making efforts to establish its emission reduction targets aligned with the Science-Based Target Initiative (SBTi), for which the company started Project Samanvay to assess its readiness as per select ESG indices.
Jindal has two stainless steel production complexes in Haryana and Odisha and an overseas unit in Indonesia.
Managing Director of Jindal Stainless Abhyuday Jindal said, “Our project with ReNew Power is expected to start commercial operations by May 2024 and will aid in carbon abatement by over 650,000 tons per year. Resolutely chasing our ESG goals, we reduced our carbon emissions by 140,000 tonnes in FY22 through various initiatives and are committed to reaching net zero carbon emissions by 2050.”
Founder, Chairman, and CEO of ReNew Power Sumant Sinha said, “This innovative wind-solar hybrid system will accelerate the adoption of clean energy in a hard-to-abate sector. We believe this unique model will revolutionize the way power is procured by corporate India. I’m confident that the environmental and commercial benefits stemming from our partnership will inspire other manufacturing organizations to proactively procure renewable energy to power their operations.”
Several corporates are turning to renewable energy to power their operations by entering into contracts with solar and wind power generators. Recently, Healthcare Global Enterprises (HCG), which runs cancer care centers, installed over 2.25 MW solar power projects in Jagaluru village of Davanagere district of Karnataka. HCG would save up to ₹42 million (~$514,266) in energy costs yearly with the solar installation.
Last month, pharmaceutical and biotechnology company Laurus Labs acquired 26% equity shares in Ethan Energy, a special-purpose vehicle of Vibrant Energy Holdings, for ₹39 million (~$477,744). The acquisition will allow Laurus Labs to procure 100% of the energy produced by Ethan Energy from its 10 MW solar project under open access in captive mode.
Mercom India has been hosting a C&I Clean Energy Meet Series across major cities in India, creating a unique platform for Commercial and Industrial (C&I) consumers to come face-to-face with the industry stakeholders to answer questions related to the renewable energy transition.