Jindal Joins SPV with Oyster Renewable to Launch 282 MW Wind-Solar Hybrid for Clean Manufacturing

Jindal Stainless Ltd, India’s largest producer of stainless steel, has entered a strategic partnership with Oyster Renewable Energy to develop a 282 MW wind-solar hybrid power project aimed at meeting its own energy needs. The initiative marks a significant move towards decarbonization in the manufacturing sector.

The project, slated for execution across two states—Bhuj in Gujarat and Agar in Madhya Pradesh—will combine renewable capacities of 82 MW wind and 135 MWp solar in Madhya Pradesh, and 99 MW wind in Gujarat. The clean energy generated will be used to power Jindal Stainless’ manufacturing operations under a 25-year group captive power purchase agreement (PPA).

To facilitate this, Jindal Stainless has acquired a 33.64% equity stake in Oyster Green Hybrid One Pvt Ltd, the special purpose vehicle (SPV) created by Oyster Renewable for this project. Funding includes a sanctioned loan of INR 1,517 crore from the Indian Renewable Energy Development Agency (IREDA).

The hybrid facility is expected to significantly reduce the company’s dependence on conventional grid electricity, cutting carbon dioxide emissions by an estimated 700,000 metric tonnes per year—equivalent to planting 30 million trees annually.

This partnership exemplifies a growing trend among industrial giants to embrace clean energy for long-term sustainability and regulatory compliance.