New Delhi, May 12—Jindal India Renewable Energy (JIRE), the green energy arm of BC Jindal Group, has bagged a 300-megawatt (MW) solar-plus-storage project from state-run SJVN Ltd. as part of the latter's 1,200-MW interstate transmission system (ISTS)- connected solar tender.
Tariff Fixed at Rs 3.32/kWh, Project to Be Commissioned in 24 Months
The project was awarded to JIRE at a tariff of Rs 3.32 per kilowatt-hour (kWh) and will be developed on a build-own-operate basis. According to the agreement, JIRE must commission the greenfield project within 24 months of signing the Power Purchase Agreement (PPA).JIRE must also include an energy storage system (ESS) with a minimum capacity of 0.5 MW/2 MWh for every 1 MW of contracted solar capacity. SJVN will purchase the power generated under a 25-year agreement and supply it to various state utilities and other entities.
Strategic Growth with Focus on Storage and Manufacturing
The company emphasized its commitment to scaling up renewable energy capabilities, with a spokesperson stating, "We remain focused on expanding our capacity to 5 GW in the coming years across solar, wind, hybrid, RTC, and FDRE platforms."In addition to the SJVN contract, JIRE recently received a Letter of Acceptance (LoA) for another 300-MW solar-plus-storage project from NHPC. This project is part of a larger 1,200 MW ISTS-linked initiative featuring 600 MW/1200 MW energy storage systems.
JIRE announced plans to invest USD 2.5 billion over the next five years to support its growth strategy. The investment will enhance India’s renewable energy capacity while bolstering grid stability through advanced battery storage technology.
Manufacturing Push in Maharashtra
Further strengthening its renewable portfolio, JIRE is setting up a solar cell and module manufacturing facility in Maharashtra with a planned annual capacity of 2 GW. The plant is scheduled to become operational by September 2026.The Indian battery energy storage system (BESS) market is poised for robust growth, projected to expand at a compound annual growth rate (CAGR) of 11.41 percent until 2032, driven by rising demand for round-the-clock clean energy solutions.
BC Jindal Group’s Diversification into Renewables
Founded in 1952, the BC Jindal Group has evolved from its origins as a steel pipe manufacturer to a diversified conglomerate with over Rs 18,000 crore in annual revenue. The group currently operates a 1,200 MW thermal power plant in Angul, Odisha, and is rapidly pivoting towards renewable energy through JIRE.This latest win reinforces JIRE’s strategic ambition to become a key contributor to India’s energy transition.