6 days ago
Oyster Renewable and Jindal Stainless partner for 282 MW wind-solar hybrid project, ET Manufacturing
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ETManufacturing
Oyster Renewable and Jindal Stainless partner for 282 MW wind-solar hybrid projectSynopsis: The project spans two locations—Bhuj in Gujarat and Agar in Madhya Pradesh—and is aimed at supplying clean energy directly to Jindal Stainless' manufacturing operations. Oyster Renewable Energy , an Independent Power Producer (IPP), has partnered with Jindal Stainless, India's largest stainless steel manufacturer, to develop a 282 MW interstate wind-solar hybrid project. The project spans two locations—Bhuj in Gujarat and Agar in Madhya Pradesh—and is aimed at supplying clean energy directly to Jindal Stainless' manufacturing operations.82 MW of wind and 135 MWp of solar in Madhya Pradesh99 MW of wind in GujaratThe initiative will be executed through a Special Purpose Vehicle ( SPV ) named Oyster Green Hybrid One Private Limited, in which Jindal Stainless has acquired a 33.64 per cent equity stake. The project is supported by a ₹1,517 crore loan from the Indian Renewable Energy Development Agency (IREDA) and operates under a 25-year group captive Power Purchase Agreement (PPA).According to estimates, the project will help reduce CO₂ emissions by approximately 700,000 metric tonnes annually, a figure equivalent to the carbon sequestration of around 30 million trees per partnership enables Jindal Stainless to produce low-carbon stainless steel, a step aligned with global sustainability requirements in export markets. The construction and operational phases are also expected to generate local employment opportunities. Siddharth Bhatia , MD, Oyster Renewable Energy, said, 'This partnership is a blueprint for the future of Indian industry. At Oyster Renewable, we believe energy solutions must go beyond cost and capacity — they must create real, lasting impact. Together with Jindal Stainless, we are pioneering a model where clean energy and industrial excellence converge.'With a focus on the commercial and industrial (C&I) sector, Oyster Renewable aims to develop 2 gigawatts (GW) of renewable energy capacity by 2030, using hybrid energy systems that combine wind and solar to enhance reliability and reduce carbon emissions.
