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Jindal Stainless acquires stake in SPV formed with Oyster Renewable Energy
Jindal Stainless Limited on Monday announced that it has acquired a special purpose vehicle (SPV) to generate 282 MW hybrid renewable energy for the supply of clean energy to its manufacturing plants.
The company said in an exchange filing that the 'equity stake in a special purpose vehicle formed in collaboration with Oyster Renewable Energy Private Limited, to develop a 282 MW hybrid renewable energy project for meeting the power requirements of the Company's plant(s).'
The company said that it has invested ₹79.20 crore in the first tranche of the project, which is expected to be completed by the third quarter of the FY 2025-26 with the total investment of ₹132 crore.
The company expects the SPV to supply approximately 700 million units of clean energy, which will help to ease the burden on its grids. The company says this will significantly reduce its energy costs compared to sourcing power from the grid.
"This initiative is aligned with our long-term goal of transitioning to renewable energy and achieving net-zero carbon emissions by 2050," the company said in a statement.
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