Jindal Stainless Partners With ReNew Power To Setup 300 MW Wind-Solar Hybrid Project

Jindal Stainless has partnered with ReNew Power to setup around 300 MW capacity renewable energy project, the company said on Monday.

A contract was signed on Monday (5 December) between Jindal Stainless and ReNew Power to develop a utility scale captive renewable energy project for the supply of power to the stainless steel maker's facility in Odisha's Jajpur.

The project will generate 700 million units per year through a mix of solar and wind technologies.

The innovative Wind-Solar hybrid solution, with a high-capacity utilisation factor, is expected to generate a significantly higher amount of energy per unit of the contracted capacity, the company said in a statement on Monday.

With this, ReNew Power also brings its Round the Clock (RTC) solution to the B2B space, which it pioneered for utilities earlier last year, it added.

The company said that a partnership with the ReNew Power, which is India's largest renewable player, also brings in the requisite execution certainty for Jindal Stainless, which is of paramount importance for a project of this scale.

Commenting on the collaboration, MD, Jindal Stainless, Mr 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 6.5 lakh tonnes per year".

"Resolutely chasing our ESG goals, we reduced our carbon emissions by 1.4 lakh tonnes in FY22 through various initiatives and are committed to reach net zero carbon emissions by 2050," he added.

ReNew Power CEO Sumant Sinha said, "We are delighted to partner with Jindal Stainless in developing renewable energy sources for the Indian manufacturing sector. We believe this unique model will revolutionise the way power is procured by corporate India".

"This innovative WindSolar hybrid system will accelerate the adoption of clean energy in a hard-to-abate sector," Sinha added.