Jindal Stainless, Oyster Joins Hands For 282 MW Hybrid Plant

Jindal Stainless Estimates To Generate 1.9 Billion Units Of Clean Energy Annually

Jindal Stainless has acquired a 33.64% equity stake in Oyster Green Hybrid One Private Limited (OGHO), a special purpose vehicle (SPV) formed in partnership with Oyster Renewable Energy, said the company in a regulatory filing. Oyster Green, the SPV, is engaged in developing and operating renewable energy assets. The SPV is formed to develop a 282 MW inter-state wind-solar hybrid captive project. The hybrid renewable energy project is intended to meet the power requirements of Jindal Stainless’s manufacturing plants. JSL is
expected to procure ~700 million units from OGHO annually, which would result in significant savings vis-à-vis the grid.

OGHO is a 74% subsidiary of Oyster Renewable Energy Pvt. Ltd. (OREPL) which is the Indian renewable energy holdco of the Oyster Group and the remaining 26% stake is held by JSL as the plant is being set up under the captive regime. ORPL is a 99.5% subsidiary of Oyster Renewable Energy Holding Pte. Ltd (OREH) which is the Singapore holdco which is entirely held by Ratan Jindal Group.

Jindal Stainless said it plans to invest up to ₹132 crore in Oyster Green, with the project expected to be commissioned by the third quarter of the financial year 2025–26. In the current tranche, ₹79.2 crore is being invested. It expects to source approximately 700 million units of electricity annually from the project, resulting in substantial cost savings compared to grid power. The initiative aligns with Jindal Stainless’s long-term sustainability goals, including powering future growth through renewables.

Jindal Stainless Growing Renewable Energy Projects

Abhyuday Jindal, Managing Director of Jindal Stainless Ltd (JSL), said in the company’s Q4 FY2025 earnings call that 11% of the group’s current power consumption is met through renewable sources. “With the commissioning of all our announced renewable projects, this share is expected to rise significantly to around 30–35%, marking a major step forward in our sustainable journey,” he said.

Jindal added that JSL now hosts the largest captive solar plant in Odisha, with a cumulative capacity of over 30 MW. “This initiative can substantially lower the facility’s reliance on grid electricity,” he said. He also noted that the company had earlier signed a long-term 11 MW power purchase agreement with Sunsure Energy for its subsidiary, JSL Super Steel, to support its Net Zero targets.”

Jindal Stainless & AB Energia Build Odisha’s Captive Industrial Solar Plant

Also Read

Jindal Stainless, JBM Auto Partner To Roll Out 500 E-Buses

Also Read