Jindal Stainless has signed a contract with the country’s largest renewable energy company, ReNew Power, to develop a utility-scale captive renewable energy project for the supply of power to its facility in Jajpur, Odisha. The project will generate 700 million units per year through a mix of solar and wind technologies. This wind-solar hybrid solution, with a high-capacity utilization factor, is expected to generate a significantly higher amount of energy per unit of the contracted capacity.
With this, ReNew Power also brings its round the clock (RTC) solution to the B2B space, which it pioneered for utilities earlier last year.
The PPA was signed in the presence of chairman Ratan Jindal, MD Abhyuday Jindal, director Jagmohan Sood, senior VP procurement Rajendra Pathak, director and group CFO Anurag Mantri, and associate VP procurement Rajesh Jain from Jindal Stainless. From ReNew Power, founder chairman and CEO Sumant Sinha, chief commercial officer Mayank Bansal, business head Rahula Kashyapa, and assistant VP Dheeraj Ahuja were present.
Abhyuday Jindal said, “Aligned with India’s net-zero carbon emissions goal, we are committed to power future growth through renewable sources of energy only and this step further cements our resolve. 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. We reduced our carbon emissions by 1.4 lakh tonnes in FY22 through various initiatives and are committed to reach net zero carbon emissions by 2050.”
Jindal Stainless initiated Project Samanvay to assess its preparedness as per select ESG indices and develop a strategic roadmap for the future. Additionally, the Company has also proposed to forecast its GHG emissions and establish emission reduction targets in line with the Science-Based Target Initiative (SBTi).
ReNew Power has contracted over 1.7 GW of renewable energy capacity with corporates, which, makes it one of the largest in the business. This transition by the industry aligns with the government of India’s climate goals of achieving Net Zero by 2070 and at the same time will also help India reduce its GDP emissions intensity by 45% by 2030.
