In a joint press release dated 5th December 2022, Jindal Stainless Limited (JSL) and ReNew Power stated that they have signed an agreement for setting up a 300 MW wind-solar hybrid power project in Jajpur, Odisha.
JSL Signs PPA with ReNew Power for 300 MW RTC Hybrid Power
Power Purchase Agreement (PPA) between the two companies for power from this upcoming project was signed on 5th December 2022.
JSL-ReNew Power’s wind-solar hybrid power project in Jajpur is set to generate 700 Million Units (MU) of power annually. This project will employ ReNew Power’s Round-The-Clock (RTC) solution, which will enhance the reliability of power supply from the plant.
Commenting on this project, Mr. Abhyuday Jindal, MD, Jindal Stainless, “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.”
Speaking about the upcoming project, Founder, Chairman, and CEO, ReNew Power, Mr. Sumant Sinha said, “This innovative Wind-Solar hybrid system will accelerate the adoption of clean energy in a hard-to-abate sector.”
Carbon abatement in the steel industry is considered especially hard to achieve, given its dependence on carbon-intensive operations. As per a September 2022 report by the International Energy Agency, 1.39 tonne of Carbon dioxide equivalent was released into the atmosphere for every tonne of crude steel produced in 2020. Therefore, JSL-ReNew Power PPA is a key step for decarbonisation of JSL’s operations.
About Jindal Stainless Ltd.: Jindal Stainless was founded in 1970 by Mr. O.P. Jindal. The company has a Stainless Steel melt capacity of 1.1 Million Metric Tonnes Per Annum (MMTPA). JSL has manufacturing capacities in Jajpur, Odisha and Indonesia. For the financial year ended 31st March 2022, the company reported a consolidated revenue of Rs. 21,113.81 crore.