Jindal Stainless to Procure 282 MW Wind-Solar Hybrid Power from Oyster Renewable Energy
Jindal Stainless has acquired a 33.64 percent stake in Oyster Green Hybrid One, a SPV of Oyster Renewable Energy for INR 79.20 crore to procure power for its plant from the upcoming 282 MW wind-solar hybrid captive project.
June 03, 2025. By Mrinmoy Dey
The company has acquired a 33.64 percent stake in the project specific special purpose vehicle (SPV) – Oyster Green Hybrid One (Oyster Green) for INR 79.20 crore. The SPV is setting up a 282 MW ISTS-connected wind-solar hybrid captive renewable energy project for meeting the power requirements of the Jindal Stainless’ plant(s).
The project will combine 82 MW of wind and 135 MWp of solar plant at Agar in Madhya Pradesh and a 99 MW wind power plant in Bhuj, Gujarat.
The project is expected to be commissioned by Q3, FY25-26. Jindal Stainless has committed to invest up to about INR 132 crore in Oyster Green towards commissioning of the project. The initiative is backed by an INR 1,517 crore loan sanctioned by the Indian Renewable Energy Development Agency (IREDA) and will operate under a 25-year group captive Power Purchase Agreement (PPA).
The company expects to procure about 700 million units from Oyster Green annually, which would result in significant savings vis-à-vis the power alternatively sourced from the grid, the company stated in a regulatory filing.
“Moreover, power procurement from this plant is in alignment with the company’s commitment to power future growth through renewable sources of energy and reach net zero carbon emissions by 2050,” it said.
Siddharth Bhatia, Managing Director of Oyster Renewable Energy stated, “This partnership is a blueprint for the future of Indian industry. At Oyster Renewable, we believe energy solutions must go beyond cost and capacity- they must create real, lasting impact. Together with Jindal Stainless, we are pioneering a model where clean energy and industrial excellence converge, proving that sustainability and profitability are not opposing goals, but complementary forces driving a stronger, greener India.”
In April 2025, Jindal Stainless, in collaboration with AB Energia Solutions, commissioned Odisha's largest captive solar energy project at its Jajpur facility, comprising a 7.324 MWp floating solar plant and a 23.02 MWp rooftop system, totalling 30 MWp. The solar plant is capable of generating approximately 44.3 million units of green energy annually.
Earlier that month, Jindal Stainless’ subsidiary JSL Super Steel signed a 11 MWp long-term Power Purchase Agreement (PPA) with Sunsure Energy. “As per the agreement, this facility will source 11 MWp of solar power from Sunsure's 49 MWp Solar Project in Augasi, Uttar Pradesh, displacing nearly 40 percent of its conventional energy consumption with clean power,” shared the company in a statement.
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