BC Jindal Group, one of India’s leading conglomerates with an annual turnover of over Rs. 18,000 crore, has announced that its renewable energy division, Jindal India Renewable Energy (JIRE), has received the Letter of Acceptance (LoA) for a 300 MW solar plus storage project from state-owned NHPC. This project is part of NHPC’s 1,200 MW inter-state transmission system-connected solar power initiative, which includes 600 MW/1,200 MWh energy storage systems.
JIRE secured 300 MW solar capacity at a tariff of Rs. 3.09/kWh and will develop the project on a build-own-operate (BOO) model. The greenfield project must be completed within 24 months from the signing of the Power Purchase Agreement (PPA). Initially, JIRE won 180 MW of solar-BESS capacity, but under the Greenshoe Option, the company was awarded an additional 120 MW, bringing its total project capacity to 300 MW.
“Securing the LoA for 300 MW capacity after competitive bidding is testimony to JIRE’s ability and expertise to deliver substantial projects in the evolving renewable energy space. This project win is in line with BC Jindal Group’s goal of supporting the nation’s target of installing 500 GW of renewable energy capacity by 2030.”
Amit Kumar Mittal, CEO, Jindal India Renewable Energy
NHPC will enter into a 25-year agreement with JIRE, purchasing the generated solar power and selling it to state utilities and other buyers. As per the contract, JIRE will need to deploy an energy storage system (ESS) of at least 0.5 MW/1 MWh for each MW of contracted capacity.
Recently, BC Jindal Group launched JIRE as a dedicated entity to manage its renewable power generation, solar cell, and module manufacturing businesses. JIRE is actively expanding its portfolio by acquiring operational renewable assets both in India and internationally. These acquisitions, planned for completion within 1-2 years, will be financed through a mix of internal accruals and debt.
Founded in 1952 by Shri B.C. Jindal, BC Jindal Group started as a steel pipe and fittings manufacturer and has since evolved into a major player in India’s power sector. JIRE’s focus on clean energy adoption aligns with the national goal of achieving 500 GW of renewable energy capacity by 2030. The company remains committed to leveraging state-of-the-art technology to drive India’s energy transition while ensuring a sustainable future.
