ReNew Power, Jindal Stainless to build 300-MW wind-solar hybrid in India

Indian renewable power producer ReNew Energy Global Plc (NASDAQ:RNW) will develop a captive wind and solar hybrid project of around 300 MW to supply electricity to a stainless steel production plant in eastern India.

The company said on Monday it had signed a power purchase agreement (PPA) with India’s Jindal Stainless (Hisar) Ltd (BOM:539597) to support the utility-scale project and the customer as it works to incorporate its sustainability goals into the plan to expand annual melt capacity by the end of 2023.

Subscribe for Renewables Now's Corporate PPA Newsletter here for free!

The wind and solar hybrid will power the Jindal Stainless group’s facility in Jajpur, in the Indian state of Odisha. The power generation complex is expected to reach commercial operation by May 2024, according to the announcement.

Jindal Stainless estimates that the project will help it abate carbon emissions by over 6.5 lakh tonnes (650,000 tonnes) per year. For ReNew Power, the new PPA adds to its efforts to support corporates meet their decarbonisation goals through transition to clean energy. The company says it has so far contracted over 1,700 MW of renewable energy capacity with corporate entities.