Jindal Stainless, the country’s leading stainless steel manufacturer, has inked a pact with renewable energy major, ReNew Power, to set up a 300 MW renewable energy project in Jajpur, Odisha. The plant, which will generate 700 million units per year through a mix of solar and wind technologies, will be used for the supply of power to its facility in Jajpur.
“This innovative wind-solar hybrid solution, with a high-capacity utilisation factor, is expected to generate a significantly higher amount of energy per unit of the contracted capacity,” Jindal Stainless said in a release on Monday.
As per the release, ReNew Power also brings its round the clock (RTC) solution to the B2B space, which it pioneered for utilities earlier last year. “Moreover, a partnership with the largest renewable player also brings in the requisite execution certainty for Jindal Stainless, which is of paramount importance for a project of this scale,” it added.
Commenting on the collaboration, MD, Jindal Stainless, Abhyuday Jindal says, "Aligned with India’s net-zero carbon emissions goal, the company 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.”
"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…. This innovative WindSolar hybrid system will accelerate the adoption of clean energy in a hard-to-abate sector,” says Sumant Sinha, Founder, Chairman, and CEO, ReNew Power.
Jindal Stainless, an OP Jindal Group company, said it is taking deliberate initiatives to achieve its Environmental, Social, and Governance (ESG) goals and transition to sustainable manufacturing. The company has initiated project samanvay to assess its preparedness as per select ESG indices and develop a strategic roadmap for the future. Additionally, the company has also proposed to forecast its GHG emissions and establish emission reduction targets in line with the Science-Based Target Initiative (SBTi).
Jindal Stainless has an annual melt capacity of 1.9 MT and an annual turnover of $4.20 billion (as of March'22). Already in its expansion phase, the company’s annual melt capacity is expected to reach 2.9 MT by the end of FY23. It has two stainless steel manufacturing complexes in India, in the states of Haryana and Odisha, with an overseas unit in Indonesia.