Leading stainless steel maker Jindal Stainless has signed a contract with clean energy company ReNew Power to set up a captive 300 MW renewable energy project for the supply of power to its facility in Jajpur, Odisha.
The steel maker said that the project will generate 700 million units per year through a mix of solar and wind technologies.
The hybrid clean energy project is expected to start commercial operations by May 2024 and will aid in carbon abatement by over 6.5 lakh tonnes per year.
Jindal stated that the steel maker is resolutely chasing the ESG goals as it reduced carbon emissions by 1.4 lakh tonnes in the current financial year through various initiatives and the group is committed to reaching net zero carbon emissions by 2050.
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 country's leading renewable power company ReNew Power said that the project also brings its Round the Clock (RTC) solution to the B2B space, which it pioneered for Utilities earlier last year.
The innovative hybrid green energy system will accelerate the adoption of clean energy in a hard-to-abate sector.
Jindal Stainless Ltd. and Jindal Stainless (Hisar) Ltd. have an annual melt capacity of 1.9 MT and an annual turnover of US $4.20 billion (as of March'22).
ReNew Power is one of the largest players in the sector and it has contracted over 1.7 GW of renewable energy capacity with different companies.
Shares of Jindal Stainless closed higher by 1.22 percent at Rs 179.10 on Monday.
