Latest news with #OysterRenewableEnergyPrivateLimited
Time of India
21 hours ago
- Business
- Time of India
Jindal Stainless acquires 33.64% stake in ₹1,517 crore hybrid renewable project with Oyster
New Delhi: Jindal Stainless Limited has acquired a 33.64 per cent equity stake in Oyster Green Hybrid One Private Limited, a Special Purpose Vehicle promoted by Oyster Renewable Energy Private Limited, to source power from a 282 MW interstate wind-solar hybrid project. The ₹1,517 crore project will be developed across Bhuj in Gujarat and Agar in Madhya Pradesh and is backed by funding from the Indian Renewable Energy Development Agency (IREDA). The facility will combine 82 MW of wind and 135 MWp of solar in Madhya Pradesh and 99 MW of wind in Gujarat. The plant will supply power to Jindal Stainless under a 25-year group captive Power Purchase Agreement. According to estimates shared by the company, the project is expected to reduce carbon dioxide emissions by about 7 lakh metric tonnes per year. '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, proving that sustainability and profitability are not opposing goals, but complementary forces driving a stronger, greener India,' said Siddharth Bhatia, Managing Director, Oyster Renewable Energy Private Limited. The partnership is aimed at reducing dependence on conventional grid power and enabling the production of low-carbon ' green steel ' by Jindal Stainless. Oyster Renewable is focused on the commercial and industrial segment and has set a target of developing 2 gigawatts of renewable energy capacity by 2030. The company is pursuing hybrid energy systems that combine wind and solar to improve reliability and reduce energy costs.
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Business Standard
4 days ago
- Automotive
- Business Standard
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.
