HomeRenewable energy ›Jindal Stainless Inks Pact with ReNew Power to Setup ~300MW Wind-Solar Hybrid Project

Jindal Stainless Inks Pact with ReNew Power to Setup ~300MW Wind-Solar Hybrid Project

In line with its Environmental, Social and Governance (ESG) goals, stainless steel manufacturer Jindal Stainless has signed a contract with ReNew Power to develop a utility-scale captive renewable energy project for the supply of clean electricity to its facility in Jajpur, Odisha.

December 05, 2022. By Manu Tayal

In line with its Environmental, Social and Governance (ESG) goals, stainless steel manufacturer Jindal Stainless has signed a contract with ReNew Power to develop a utility-scale captive renewable energy project for the supply of clean electricity to its facility in Jajpur, Odisha.
 
The wind-solar hybrid project would power the company’s increase in combined production capacity from 1.9 MTPA to 2.9 MTPA and would also help it in reaching its net zero emissions by 2050.
 
Further, the project is expected to commence commercial operations by May 2024.
 
Moreover, the project would generate 700 million units per year through a mix of solar and wind technologies. The hybrid project, with a high Capacity Utilization Factor (CUF), 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, Abhyuday Jindal, Managing Director of Jindal Stainless, 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.”
 
“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. I’m confident that the environmental and commercial benefits stemming from our partnership will inspire other manufacturing organisations to proactively procure renewable energy to power their operations. This innovative Wind-Solar hybrid system will accelerate the adoption of clean energy in a hard-to-abate sector,” commented Sumant Sinha, Founder, Chairman, and CEO, ReNew Power.
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