Jindal Arm Wins Rs 22 Bn Solar-Storage Project

21 May 2025 CW Team

BC Jindal Group, one of India’s leading business conglomerates with a turnover exceeding Rs 180 billion, announced that its renewable energy subsidiary, Jindal India Renewable Energy (JIRE), has secured a 300 MW solar-plus-storage project from state-owned SJVN.

The project, part of SJVN’s 1,200 MW ISTS-connected solar tender with 600 MW/2,400 MWh battery energy storage systems (BESS), will be developed on a build-own-operate basis. JIRE won the bid at a tariff of Rs 3.32/kWh, and must commission the project within 24 months of signing the power purchase agreement (PPA).

SJVN will procure power from JIRE for 25 years, with the energy sold to state utilities. The terms mandate deployment of a 0.5 MW/2 MWh BESS for every 1 MW of contracted capacity.

This win follows a recent Letter of Acceptance from NHPC for a similar 300 MW solar plus storage project, reinforcing JIRE’s position in large-scale renewables.

JIRE plans to invest USD 2.5 billion (approx. Rs 208 billion) in clean energy over the next five years, targeting 5 GW capacity across solar, wind, hybrid, RTC, and FDRE platforms. It is also setting up a 2 GW solar cell and module manufacturing facility in Maharashtra, expected to go live by September 2026.

To support India’s energy transition, JIRE’s strategic focus includes expanding operational assets nationwide, funded through internal accruals and debt. Battery energy storage, a key enabler for grid reliability and round-the-clock power, is set to grow at a CAGR of 11.41 per cent through 2032.

Founded in 1952, the BC Jindal Group evolved from a steel pipe manufacturer to a major energy player, operating a 1,200 MW thermal unit in Odisha and now scaling its renewable ambitions through JIRE.

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