Jindal Stainless, India’s most prominent stainless-steel producer, signed a contract to work with Renew Power, the largest renewable energy company in the country, to create a utility-scale captive renewable energy project to supply power to Jajpur, Odisha.
Through a combination of wind and solar technologies, the Project will produce 700 million units annually. The innovative Wind-Solar hybrid solution with high-Capacity Utilization factor is expected to produce significantly more energy per unit of contracted capacity. ReNew Power brings its Round the Clock solution (RTC), A partnership with Jindal Stainless brings the necessary execution certainty, which is crucial for a project this large.
Commenting on the collaboration, MD, Jindal Stainless, Mr Abhyuday Jindal said, “Aligned with India’s net-zero carbon emissions goal, Jindal Stainless is committed to power future growth through renewable sources of energy only and this step further cements our resolve. Our project with ReNew Power is expected to start commercial operations by May, 2024 and will aid in carbon abatement by over 6.5 lakh tonnes per year. Resolutely chasing our ESG goals, we reduced our carbon emissions by 1.4 lakh tonnes in FY22 through various initiatives and are committed to reach net zero carbon emissions by 2050.”
Founder, Chairman, and CEO, ReNew Power, Mr Sumant Sinha, said, “We are delighted to partner with Jindal Stainless in developing renewable energy sources for the Indian manufacturing sector. We believe this unique model will revolutionise the way power is procured by Corporate India. I’m confident that the environmental and commercial benefits stemming from our partnership will inspire other manufacturing organisations to proactively procure renewable energy to power their operations. This innovative WindSolar hybrid system will accelerate the adoption of clean energy in a hard-to-abate sector.”
Jindal Stainless has taken deliberate steps to reach its Environmental, Social and Governance (ESG) goals and transition towards sustainable manufacturing. Project Samanvay was initiated by the Company to evaluate its readiness according to selected ESG indicators and create a strategic roadmap. The Company also proposes to forecast GHG emissions and set emission reduction targets, in accordance with the Science-Based Target Initiative (SBTi).
ReNew Power helps corporations achieve their decarbonisation goals by helping them switch to clean energy for their operations. ReNew Power has contracted more than 1.7 GW renewable energy capacity to corporates. This makes it one the largest companies in the industry. This industry transition aligns with the Government of India’s climate goals of reaching Net Zero by 2070. It will also help India reduce its GDP emissions intensity 45% by 2030.
