Oyster Renewable and Jindal Stainless to build hybrid project

Oyster Renewable Energy has partnered with Jindal Stainless Limited to develop a 282 MW interstate transmission system (ISTS)-connected wind-solar hybrid project. The project will supply renewable power to Jindal Stainless’ manufacturing units.

It will be built across two sites—Bhuj in Gujarat and Agar in Madhya Pradesh. The Bhuj site will host 99 MW of wind capacity, while the Agar site will have 82 MW of wind and 135 MWp of solar capacity.

The project will be executed through a special purpose vehicle, Oyster Green Hybrid One Private Limited. Jindal Stainless will hold a 33.64 per cent equity stake in the venture.

The initiative is backed by Rs 15.17 billion in project financing from the Indian Renewable Energy Development Agency (IREDA). A 25-year group captive power purchase agreement has been signed to support the project.

Once operational, it is expected to reduce carbon emissions by around 700,000 metric tonnes annually.