Stainless-steel manufacturer, Jindal Stainless today signed a contract with ReNew Power, to develop a utility-scale captive renewable energy project for the supply of power to its facility in Jajpur, Odisha. The project will generate 700 million units per year through a mix of solar and wind technologies, the company said in a statement, adding that the wind-solar hybrid solution, with a high-capacity utilization factor, is expected to generate a significantly higher amount of energy per unit of the contracted capacity. "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," said Abhyuday Jindal, MD, Jindal Stainless, adding that the company is committed to reaching net zero carbon emissions by 2050. Jindal Stainless is taking initiatives to achieve its Environmental, Social and Governance (ESG) goals and transition to sustainable manufacturing. The Company 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).
"This innovative Wind-Solar hybrid system will accelerate the adoption of clean energy in a hard-to-abate sector. We believe this unique model will revolutionise the way power is procured by Corporate India,” said Sumant Sinha, Founder, Chairman, and CEO, ReNew Power.
ReNew Power has contracted over 1.7 GW of renewable energy capacity with corporates, which makes it one of the largest in the business. This transition by the industry aligns with the Government of India’s climate goals of achieving Net Zero by 2070 and at the same time will also help India reduce its GDP emissions intensity by 45% by 2030.