India’s Jindal Stainless Limited (JSL) has acquired a special purpose vehicle (SPV) to generate 282 megawatt (MW) of renewable hybrid energy for supply of clean energy to its manufacturing plants, the company said in a regulatory filing on Tuesday, June 3.
JSL said that the equity stake had been bought by it in the SPV formed in collaboration with Oyster Renewable Energy Private Limited to develop 282 MW of hybrid renewable power generation capacity.
JSL said it had invested INR 792 million ($9.25 million as the first tranche in the project which is expected to be completed in the third quarter of 2025-26 with a total investment of INR 1.32 billion ($15.41 million).
The company expects the SPV to supply approximately 700 million units of clean energy, which will help to ease the burden on its grids and will significantly reduce its energy costs compared to sourcing power from the grid.
"This initiative is aligned with our long-term goal of transitioning to renewable energy and achieving net-zero carbon emissions by 2050," the company said in the statement.