Jindal Stainless is expanding its renewable energy footprint. The company has invested Rs 132 crore to generate 282 MW of renewable energy from solar and wind projects. It aims to reduce reliance upon fossil fuels and coal-based energy sources.
The company has been consistently veering towards green energy and is targeting net-zero emissions by 2050. It is planning to invest about Rs 700 crore to set up renewable energy projects, which could generate 900 MW of renewable energy.
Here is a look at its latest renewable energy projects
Acquisition of Oyster Green
Jindal Stainless acquired a 33.64 percent stake in Oyster Green for an amount of Rs 132 crore. In the first tranche, the company invested Rs 79.2 crore, while the rest amount will be invested by Q3 FY26.
The investment is aimed at developing 282 MW of renewable energy projects, both solar and wind. The company will produce energy to meet its power demands at its various plants. In a statement, the company said that it is targeting to procure about 700 million units of electricity each year from the project.
Solar power project in Orissa
In April, Jindal Stainless announced the commissioning of a 30 MW solar power plant at its Jajpur plant in Orissa. The company developed the solar projects in a partnership with AB Energia Solution.
The company said that the project is capable of producing about 44.3 million units of energy each year. Additionally, the solar power project is expected to reduce carbon dioxide emissions by 32,208 metric tons each year.
Green hydrogen project
In March, Jindal Stainless commenced its green hydrogen project at its Hisar plant in Haryana. The project is developed in a partnership with Hygenco Green Energies. The project has a capacity of producing 350 Normal Cubic meters of green hydrogen gas every hour.
According to the company, in the initial production phase, the plant will produce about 78 tonnes of green hydrogen every year.
Power Purchase Agreement with Sunsure Energy
Jindal Stainless signed a Power Purchase Agreement with Sunsure Energy in April this year to procure 11 MW of green energy. The long-term agreement is signed to fulfill a substantial amount of energy requirements for Jindal Stainless’s Gaziabad plant.
According to a company statement, the partnership would fulfill 40 percent of the energy needs of the Gaziabad plant, which was otherwise met with conventional energy sources like coal and natural gas. The partnership would provide Jindal Stainless with 16.5 million units of green electricity each year.