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BC Jindal Group, one of India’s leading conglomerates with a turnover exceeding Rs. 18,000 crore, has achieved a significant milestone through its renewable energy arm, Jindal India Renewable Energy (JIRE). The company has secured a 300 MW solar plus storage project from NHPC, a state-owned enterprise, after receiving the Letter of Acceptance (LoA). This project is part of NHPC’s 1200 MW inter-state transmission system (ISTS)-connected solar power initiative, which includes 600 MW/1200 MW energy storage systems. JIRE will develop the 300 MW solar project on a build-own-operate basis at a tariff of Rs 3.09/kWh. The project must be completed within 24 months of signing the power purchase agreement (PPA). Initially, JIRE won 180 MW in NHPC’s Solar-BESS tender. Through the “Greenshoe Option,” the company secured an additional 120 MW, bringing its total project capacity to 300 MW. Under the 25-year agreement, NHPC will purchase solar power from JIRE and sell it to state utilities and other buyers. As part of the contract, JIRE is required to install an energy storage system (ESS) with at least 0.5 MW/1 MWh capacity for every 1 MW contracted capacity. This ensures reliable energy supply and grid stability. BC Jindal Group recently established JIRE to oversee its renewable energy ventures, encompassing power generation and solar cell and module manufacturing. The creation of JIRE reflects the Group’s strategic focus on diversifying into sustainable energy solutions. Looking ahead to 2025-2026, JIRE plans to expand its capacity portfolio by acquiring key operational assets, both within India and abroad. These acquisitions are expected to be finalized in the next 1-2 years and will be financed through a mix of internal accruals and debt. Mr. Amit Kumar Mittal, CEO, Jindal India Renewable Energy, stated, “Securing the LoA for 300 MW capacity after competitive bidding is testimony to JIRE’s ability and expertise to deliver substantial projects in the evolving renewable energy space. This project is in line with BC Jindal group’s goal of supporting the nation’s target of installing 500 GW of renewable energy capacity by 2030.” Founded in 1952 by Shri B.C. Jindal, the BC Jindal Group began as a steel pipe and fittings manufacturer and has grown into a diverse conglomerate with a significant presence in multiple sectors, including power. JIRE carries forward the Group’s vision of sustainable growth, embracing cutting-edge technologies to drive India’s transition to clean energy. The company’s commitment aligns with India’s ambitious target of achieving 500 GW of renewable energy capacity by 2030. This initiative highlights BC Jindal Group’s long-standing dedication to environmental well-being, extending beyond regulatory compliance. JIRE is set to play a pivotal role in the green energy sector, shaping a cleaner future while contributing to India’s energy security and sustainability goals. |
