Jindal Stainless, an Indian stainless steel maker, has fulfilled its previously committed investment of Rs1.32bn ($14.19m) in Oyster Green Hybrid One.
The steel maker recently invested Rs234.1m more in Oyster Green to secure an additional 4.6% stake equity in the latter.
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Oyster Green operates as a special purpose vehicle (SPV), collaboratively formed by Jindal Stainless and Oyster Renewable Energy.
The SPV aims to develop a 282MW inter-state wind solar hybrid captive renewable energy project.
The facility will target the energy demands of Jindal Stainless’s manufacturing facilities, utilising renewable sources.
According to media reports, the hybrid renewable energy park will operate across two sites, featuring an 82MW wind farm and a 135MWp solar installation in Agar-Malwa in the state of Madhya Pradesh, as well as a 99MW wind facility located in Bhuj, Gujarat.
Once completed, the park will collectively have the capacity to deliver about 700 million units of electricity annually, earmarked for internal consumption by Jindal Stainless.
The steel maker stated that this initiative aligns with its efforts towards sustainable energy use and achieving net-zero carbon emissions by 2050.
The company estimates the project could help avoid roughly 6.5 lakh metric tonnes of carbon dioxide emissions each year.
Oyster Green was incorporated on 25 August 2023 with its registered office in Mumbai.
Last month, Oyster Renewable Energy and Jindal Stainless started partial commissioning of a 315.6MW hybrid solar-wind renewable energy project in Agar-Malwa. The project, designed by Oyster Renewable Energy, represents an investment of over Rs20bn.
