Jindal Stainless Ltd, India’s largest stainless steel manufacturer, has joined forces with private-sector power producer Oyster Renewable Energy to develop a 282 MW interstate wind-solar hybrid power project for its own consumption.

The project is strategically located across Bhuj in Gujarat and Agar in Madhya Pradesh. It will combine 82 MW of wind and 135 MWp of solar capacity in Madhya Pradesh, alongside 99 MW of wind capacity in Gujarat, to supply power to Jindal Stainless Ltd’s manufacturing plants.

Jindal Stainless has acquired a 33.64 per cent equity stake in Oyster Green Hybrid One Pvt Ltd, a special purpose vehicle (SPV) created by Oyster Renewable Energy to execute this project.

The initiative is supported by a loan of approximately Rs 1.5 billion (INR 1,517 crore) sanctioned by the Indian Renewable Energy Development Agency (IREDA). Power generated from the plant will be supplied to Jindal Stainless’ facilities under a 25-year group captive power purchase agreement.

This cutting-edge renewable energy facility will significantly reduce Jindal Stainless’ dependence on conventional grid electricity. It is expected to cut carbon dioxide emissions by roughly 700,000 metric tonnes annually — equivalent to planting 30 million trees every year.