Jindal Stainless Seals 282-MW Hybrid Renewable Power Deal With Oyster

• Jindal Stainless will source 700 GWh a year from a 282-MW wind–solar hybrid built with Oyster Renewable, cutting 700 kt CO₂ and advancing its net-zero 2050 goal.

Indian stainless-steel leader Jindal Stainless Ltd has struck a 25-year group-captive power purchase agreement with Oyster Renewable Energy that will channel 700 million kWh of clean electricity a year to the company’s mills and melt shops, slashing its reliance on grid power and volatile tariffs. The energy will come from a 282-MW interstate wind–solar hybrid complex now taking shape across Gujarat and Madhya Pradesh.

The project is split between an 82-MW wind farm and a 135-MWp solar array at Agar in Madhya Pradesh, plus a 99-MW wind site at coastal Bhuj in Gujarat, all tied together by India’s Green Energy Corridor for round-the-clock delivery. To execute the scheme the partners have formed Oyster Green Hybrid One Pvt Ltd, in which Jindal has bought a 33.64 % stake for an initial ₹792 million, rising to about ₹1.32 billion as milestones are hit. Construction is being financed by a ₹15.17 billion loan from the Indian Renewable Energy Development Agency, with commercial operation targeted for the third quarter of FY 2025-26.

When the turbines and trackers begin spinning in tandem, Jindal expects its annual carbon footprint to shrink by roughly 700,000 tonnes of CO₂—the same impact as planting 30 million mature trees—and to save materially on energy costs. The deal marks the company’s largest single step toward its net-zero 2050 roadmap and echoes India’s wider push to green hard-to-abate industrial sectors through hybrid and round-the-clock renewable contracts.

The agreement builds on a flurry of recent initiatives by the Gurugram-based producer: a 7.3-MW floating solar plant already powering its Jajpur works, 6.5 MW of rooftop PV at Hisar, a fledgling green-hydrogen pilot, and memoranda for hundreds of megawatts of additional renewable supply. Together they underscore how corporate buyers are leveraging new financing tools and group-captive rules to lock in affordable, emissions-free electricity at scale—while giving India’s renewable build-out yet another industrial anchor tenant.