Oyster Renewable Energy is aiming to set up 2 gigawatts (GW) of green energy capacity by 2030, with an estimated investment of ₹14,000 crore, the company’s managing director Siddharth Bhatia told FE.
Of this, the company plans to commission 800 megawatts (MW) of renewable energy capacity by June 2026, at an estimated cost of ₹6,000 crore.
“55% of that (2 GW) capacity is already under development as far as we are concerned and out of that we expect to see about 800 megawatts getting commissioned by June 2026,” Bhatia said.
The company is targeting 350–400 MW of commissioned capacity between June and September this fiscal and plans to add another 400 MW by June 2026.
While Oyster focuses on hybrid energy solutions, it aims to evolve into a round-the-clock (RTC) energy provider. Within the current fiscal year, the company plans to bring online a number of battery energy storage systems and hybrid capacities.
Oyster Renewable is currently working on a 700 MW Interstate Transmission System (ISTS) network, with 100 MW being developed in Gujarat and the remaining 600 MW in Madhya Pradesh.
“Over and above that, we have some state capacities that we are building in Andhra Pradesh. We signed on close to 150 MW and we have two clients currently for which we are setting these capacities up,” Bhatia said, adding that the company has some capacities that still require certain tie ups with other consumers for which it is in talks with various off takers.
While the company aims to focus on India as a key market, it will continue to look for opportunities overseas, Bhatia said.
“We have a very clear target and a vision of 2 gigawatts for which capital has already been allocated. We pick our projects extremely sensitively,” said Bhatia.
Speaking on the extension of waiver on ISTS charges, Bhatia hopes that the waiver gets pushed back to 2030.
“C&I (commercial and industrial) consumers or industry and private players equally play an important role to contribute to these mega targets of 500 GW RE capacity by 2030 and with the ISTS waiver in place, it has accelerated the adoption of green energy and renewable energy,” said Bhatia.
He argued that if the waiver is not extended, there would be a massive delta for the country in trying to come on track to achieve the remaining 300 GW of target.
“If the waiver is extended, maybe we could see a lot more of that ball rolling and allowing for industry to adopt renewable energy through the central network,” he said.
Oyster Renewable Energy is an Independent Power Producer (IPP), delivering reliable, round-the-clock, and scalable clean energy solutions tailored for the Commercial & Industrial sector.
The company recently partnered with Jindal Stainless Limited, India’s largest stainless steel manufacturer for a 282 MW interstate wind-solar hybrid project, strategically located across Bhuj in Gujarat and Agar in Madhya Pradesh.