Jindal Stainless ties with ReNew Power to setup 300 MW renewable energy project

6 Dec 2022 , 09:19 AM

Jindal Stainless has signed a contract with the country’s largest renewable energy company, ReNew Power, to develop a utility-scale captive renewable energy project for the supply of power to its facility in Jajpur, Odisha.

The Project will generate 700 million units per year through a mix of solar and wind technologies. This innovative Wind-Solar hybrid solution, with a high-Capacity Utilization Factor, is expected to generate a significantly higher amount of energy per unit of the contracted capacity.

With this, ReNew Power also brings its Round the Clock (RTC) solution to the B2B space, which it pioneered for Utilities earlier last year. Moreover, a partnership with the 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, "Aligned with India’s net-zero carbon emissions goal, Jindal Stainless is committed to power future growth through renewable sources of energy only and this step further cements our resolve.

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.”

On Tuesday early morning trade, Jindal Stainless Ltd is currently trading at Rs179 per share down by Rs0.1 or 0.06% from its previous closing of Rs179.10 per share on the BSE.

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