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Jindal Stainless Strengthens RE Commitment with Stake in 282 MW Hybrid Project and Expanded Green Energy Portfolio

Jindal Stainless is set to procure 70 crore units (MU) of renewable energy annually through its 33.64% stake in Oyster Green Hybrid One, a special purpose vehicle developing a 282 MW wind-solar hybrid project. This includes 82 MW wind and 135 MW solar capacity in Agar, Madhya Pradesh, and a 99 MW wind project in Bhuj, Gujarat. The Rs1,517 crore with Rs79.2 crore disbursed in the current tranche upon milestone achievement.

The move aligns with Jindal Stainless’s broader decarbonization strategy targeting net-zero emissions by 2050. In FY24, the company completed a 7.3 MW floating solar project in Jaipur and a 6.54 MW rooftop solar project in Hisar. Additional rooftop projects totaling over 70 MW are under construction across Jaipur and Hisar, alongside green hydrogen production linked to a 2.8 MW solar system at the Hisar unit.

Jindal Stainless also entered into agreements with Renew Power to procure 200 MW of round-the-clock renewable power for its Jaipur and Hisar units, investing Rs138 crore for a 26% stake in Renew’s SPV. In FY24, the company consumed 33,890 MWh of renewable energy, with 68% sourced through open access markets. Additionally, JSL Super Steel, a subsidiary, will procure 11 MW from Sunsure Energy’s solar project in Uttar Pradesh.