Jindal Stainless Seeks Developer for 300 MW Solar & Wind Plant

JSL is seeking partners to build 300 MW solar and wind capacity in states like Odisha, Haryana and Rajasthan. According to Managing Director Abhyuday Jindal, Jindal Stainless Limited (JSL) is implementing several strategies to lower the carbon emissions generated by its current and future operations, including the installation of renewable energy facilities. As shared by him, JSL switched from a production arrangement that required thermal energy to one that used renewable energy sources like solar and wind power during FY22. He added, "We are moving forward and taking aggressive actions to decarbonise and cut carbon emissions of our present and planned capacity."

Jindal also noted that negotiations with a few businesses have already begun towards this. The investment will be made through joint ventures, which will be established after the interested parties have reached an agreement.

The company has also collaborated to build a green hydrogen factory with Hygenco India Private Limited. According to the MD, the unit plant will enable the company to cut its carbon emissions by close to 2,700 MT annually. In India, we are the first and only stainless steel firm to put in a green hydrogen plant, he claimed. 

Additionally, Jindal Stainless has joined up with EY India to firmly establish ESG (Environmental, Social, and Governance) objectives. JSL and EY will collaborate effectively to develop a strategic road map for achieving decarbonization, assess ongoing improvements and adopt clean technology strategies, enhance ESG performance, embrace digitalization of business processes, start GHG (greenhouse gas) accounting, and other tasks as part of the partnership.

At its manufacturing sites in Hisar and Jajpur, Jindal Stainless has a stainless steel melting capacity of 1.9 million metric tonnes (MMT). By FY23, the company intends to increase the facility's capacity at Jajpur, bringing the total melting capacity to 2.9 MMT. 

He stated that multiple stainless steel manufacturing processes will employ the energy produced by the solar, wind, and hydrogen units. To create long-term value for all of our stakeholders and realise a circular economy, Jindal continued, "We firmly think that efficient and urgent initiatives towards sustainability, social upliftment, good governance, decarbonization, waste management, and digital proficiency are vital."

Recently, Hygenco India signed a long-term green hydrogen offtake agreement with Jindal Stainless Limited. Under the terms of the agreement, Hygenco is responsible for building, owning, and operating a multi-megawatt green hydrogen facility for 20 years.

Last week, a much smaller steel maker, Viraj Profiles also entered into a deal with Tata Power for a 100 MW solar plant to be set up by 2023 for its captive consumption.