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BC Jindal Group’s renewable energy arm, Jindal India Renewable Energy (JIRE), has secured a significant win in the Indian solar power market. JIRE has been awarded a 300 MW solar power project with a 150 MW/300 MWh battery energy storage system (BESS) from NHPC, a state-owned hydropower producer. The project was won through a tender process, in which JIRE quoted a tariff of INR 3.09/kWh, making it the lowest bidder.
The project, which will be developed on a build-own-operate basis, will be completed within 24 months from the signing of the power purchase agreement (PPA). JIRE will deploy a BESS of at least 0.5 MW/1 MWh capacity for every 1 MW contracted capacity. The company initially won 180 MW capacity and was later awarded an additional 120 MW under the Greenshoe option, taking its total project capacity to 300 MW.
The project is a significant milestone for JIRE, which is a leading player in India’s renewable energy sector. The company has a strong focus on developing and operating solar power projects, and this win demonstrates its ability to secure large-scale projects. The project is also a testament to JIRE’s commitment to sustainability, as it will help reduce carbon emissions and contribute to India’s renewable energy goals.
JIRE plans to expand its capacity portfolio through strategic acquisitions, with a focus on operational assets within India and abroad. The company is actively pursuing acquisitions in the coming 1-2 years, which will be funded through a mix of internal accruals and debt. With this project, JIRE is poised to play a significant role in India’s transition to a low-carbon economy.