Oyster Renewable and Jindal Stainless Forge Path to Cleaner Energy
Oyster Renewable Energy and Jindal Stainless have partnered to launch a 282 MW wind-solar hybrid project across Gujarat and Madhya Pradesh. The initiative, aiming to decarbonize India's manufacturing sector, includes a significant equity stake for Jindal in Oyster's SPV and promises substantial CO2 emissions reductions.
- Country:
- India
Oyster Renewable Energy has teamed up with Jindal Stainless in an ambitious initiative to supply clean power to its manufacturing operations. This collaboration signifies a crucial step towards reducing carbon emissions in India's industrial sector.
The partnership's centerpiece is a 282 MW wind-solar hybrid project strategically situated across Bhuj, Gujarat, and Agar, Madhya Pradesh. It combines 82 MW of wind and 135 MWp of solar power in Madhya Pradesh, alongside 99 MW of wind power in Gujarat.
Jindal Stainless now holds a substantial 33.64% equity stake in Oyster Green Hybrid One Pvt Ltd, the project's Special Purpose Vehicle. Backed by a Rs 1,517 crore loan from Indian Renewable Energy Development Agency, this venture will significantly cut reliance on conventional grid electricity and reduce CO2 emissions by about 7 lakh metric tonnes annually, akin to planting 3 crore trees per year.
(With inputs from agencies.)
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