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BC Jindal Group’s renewable energy arm, Jindal India Renewable Energy (JIRE), has secured a major 180 MW solar and storage project from NHPC, India’s leading state-owned power producer. This win comes as part of NHPC’s large-scale tender for 1,200 MW solar power projects connected to the inter-state transmission system, which also includes energy storage systems of 600 MW/1,200 MW capacity. JIRE’s winning bid was for 180 MW of solar capacity, priced at ?3.09 per kWh, with the project to be developed on a build-own-operate basis. The greenfield project, which includes both solar power and energy storage systems (ESS), is scheduled for completion within 24 months of the signing of the power purchase agreement (PPA). The project represents a significant milestone for JIRE as it continues to expand its renewable energy portfolio in India. Amit Kumar Mittal, the CEO of Jindal India Renewable Energy, expressed confidence in the company’s ability to successfully deliver on this project. He stated that securing this competitive bid reflects JIRE’s growing expertise in the renewable energy sector. This achievement is also a step forward in the company’s larger ambition to expand its capacity to 5 GW through solar, wind, hybrid, hydro, and floating renewable energy (FDRE) projects over the next four years. Mittal also emphasized that JIRE would maintain its momentum and look for additional opportunities in the coming quarters. Under the terms of the agreement, NHPC, a Navratna company, will purchase the solar power generated by JIRE and sell it to state utilities and other buyers. The contract spans 25 years, with JIRE required to install an energy storage system of at least 0.5 MW/1 MWh capacity for every 1 MW of contracted solar capacity. This will help ensure consistent power availability from the solar installations. Looking ahead to 2025-2026, JIRE plans to further expand its renewable energy portfolio by acquiring operational assets in India and internationally. The company is pursuing aggressive acquisitions of assets in the renewable energy sector and expects to finalize deals within 1-2 years. These acquisitions will be financed through a combination of internal funds and debt. |
