Jindal Steel -; Power signs MoU with Greenko for 1000 MW carbon-free energy

20 Oct 2022 , 09:45 AM

Jindal Steel & Power has signed an MoU with Greenko Group to facilitate 1000 MW of Carbon-free energy for its steel-making operations at Angul, Odisha.

India’s leading energy transition company, Greenko will assist JSP in the design of the comprehensive energy solution including the design & development of the associated RE capacity, identification of potential strategic investor(s) for the RE capacity and making available energy storage capacity.

The proposed 1000 MW carbon-free energy is targeted to meet the existing and incremental power demand of JSP’s Angul facility. This is amongst the largest commitment by any Indian Industrial Group, particularly steel producers in India, to use clean energy in core industrial processes. Once completed, it will ensure the reduction of approximately 7 million tonnes of CO2 annually.

As part of the proposed transaction, Greenko Group shall offer energy storage capacity from its Off Stream Closed Loop Pumped Storage Project (OCPSP) under development in Madhya Pradesh and Rajasthan.

At around 9:45 AM, Jindal Steel & Power Ltd is currently trading at Rs436.20 per share down by Rs3.3 or 0.75% from its previous closing of Rs439.50 per share on the BSE.

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