BC Jindal Group, a leading Indian conglomerate, has announced that its renewable energy arm, Jindal India Renewable Energy (JIRE), has received a Letter of Acceptance (LoA) for a 300 MW solar plus storage project from state-owned NHPC. This project is part of NHPC’s 1200 MW inter-state transmission system-connected solar power projects with 600 MW/1200 MW energy storage systems. JIRE was awarded 300 MW of solar power capacity at a tariff of Rs 3.09/kWh and will execute the project on a build-own-operate basis, with a completion deadline of 24 months from the signing of the power purchase agreement (PPA).
This project win is a testament to JIRE’s ability to deliver large-scale renewable energy projects. The company had initially won 180 MW capacity of the Solar-BESS project from NHPC, and then was awarded an additional 120 MW capacity, taking the total project capacity to 300 MW. NHPC will purchase solar power from JIRE and sell it to state utilities and others over a 25-year contract. JIRE will also deploy an energy storage system (ESS) of at least 0.5 MW/1MWh capacity for every 1 MW of contracted capacity.
The BC Jindal Group has a long history, dating back to 1952, and has grown into one of India’s leading conglomerates with a significant presence in the power sector. JIRE’s initiative represents a forward-thinking approach to energy diversification, with a focus on environmental well-being and a commitment to preserving the environment for future generations. The company is planning to expand its capacity portfolio through acquisitions, with a focus on augmenting its presence in India and abroad.