Jindal Stainless to Invest ₹1.2 Billion to Install 27 MW of Rooftop Solar Projects
The two projects are expected to generate 795 million units of electricity
March 6, 2023
Jindal Stainless has announced it is planning to install two rooftop solar power projects of 21 MW and 6 MW capacity at its Jajpur and Hisar units, respectively, in a move to reduce its carbon footprint.
The roofs of various shop floors at both units have been identified to install these rooftop solar projects with an investment of more than ₹1.2 billion (~$14.6 million).
Both projects are scheduled to be completed by March 2024.
The two rooftop solar projects are expected to generate about 795 million units of electricity, with a carbon abatement potential of 564,450 tons in its life span of 25 years.
In addition to the environmental benefits, these rooftop solar projects will also save 108 acres of land that would have been used if the project was located on the ground, the company said.
Jindal Stainless’ Hisar unit has already commissioned rooftop solar projects of 4.1 MW, which is capable of generating 110.7 million units of electricity and reducing 78,597 tons of CO2.
The company said it is taking strides towards achieving its Net Zero carbon emissions by implementing sustainable initiatives and adopting renewable energy solutions.
Abhyuday Jindal, Managing Director at Jindal Stainless, said, “This is an important step towards achieving our Net Zero target. Solar rooftop plants are a great alternate source of energy in a tropical country like ours… Our aim is to make sure that our growth stems from the finest sustainable practices that revolve around social upliftment, good governance, decarbonization, waste management, and digitalization.”
Jindal Stainless has also installed a green hydrogen Plant at Hisar. The company said it has reduced its carbon emissions by 1.4 lakh tons in financial year 2022.
Recently, the company signed a contract with ReNew Power to develop a utility-scale captive renewable energy project for its plant in Jajpur. This project is expected to generate 700 million units per year using a combination of solar and wind power generation technologies.
Several corporates are turning to renewable energy to power their operations by entering contracts with solar and wind power generators.
Recently, Healthcare Global Enterprises, 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.
In November 2022, 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 consumers to come face-to-face with the industry stakeholders to answer questions related to the renewable energy transition. The first of the events for 2023 will be held in Bengaluru on March 17.