Dynamite News Jindal India Renewable Energy gets LoA for 300 MW solar plus storage project from NHPC
The project is part of NHPC's 1200 MW inter-state transmission system-connected solar power projects tender with 600 MW/1200 MW energy storage systems. Read further on Dynamite News:
New Delhi: Jindal India Renewable Energy on Monday said it has secured a Letter of Acceptance for a 300 MW solar plus storage project from state-owned NHPC.
The project is to be executed on a Build-Own-Operate (BOO) basis within 24 months from the signing of the Power Purchase Agreement (PPA), the company said in a statement.
The project is part of NHPC's 1200 MW inter-state transmission system-connected solar power projects tender with 600 MW/1200 MW energy storage systems.
JIRE has bagged 300 MW of solar power capacity from NHPC at a tariff of Rs 3.09/kWh. As per the stated terms, the company will be executing a solar project on a build-own-operate basis. In addition, the green-field project will have to be completed within 24 months from signing of the power purchase agreement (PPA). Initially, JIRE had won 180 MW capacity of the Solar-BESS project from NHPC. As per the “Greenshoe Option” of the tender, the company was awarded an additional capacity of 120 MW, taking JIRE’s total project capacity to 300 MW.
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Amit Kumar Mittal, CEO, Jindal India Renewable Energy, said, “Securing the LoA for 300 MW capacity after competitive bidding is testimony to JIRE’s ability and expertise to deliver substantial projects in the evolving renewable energy space. This project win is in line with BC Jindal group’s goal of supporting the nation's target of installing 500 GW of renewable energy capacity by 2030.”
NHPC will enter into an agreement with JIRE for a period of 25 years. The Navratna Company will purchase solar power from JIRE and sell it to state utilities and others. As part of the contract, JIRE will have to deploy an ESS of at least 0.5 MW/ 1MWh capacity for 1 MW contracted capacity.
The BC Jindal Group had recently floated its dedicated entity, JIRE, to hold the renewable venture of the group. This company will oversee the renewable power generation, solar cells and module manufacturing businesses.
In 2025-2026, JIRE is looking to strategically expand its capacity portfolio by acquiring key operational assets within the country and across geographies. The company has sets sight on augmenting its presence and is actively pursuing aggressive acquisitions of operational assets both domestically and abroad. These acquisitions are anticipated to be finalised in 1-2 years and will be funded through a mix of internal accruals and debt.
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Jindal India Renewable Energy operates under the BC Jindal Group, founded in 1952 by Shri B.C. Jindal. Originally a steel pipe and fittings manufacturer, the group has grown into one of India’s leading conglomerates with a significant presence in the power sector. JIRE’s initiative represents a forward-thinking approach to energy diversification. With a focus on environmental well-being at the core of its inception, BC Jindal Group’s commitment extends beyond compliance to a genuine dedication to preserving the environment for future generations.
JIRE continues this legacy by deploying state-of-the-art technologies to drive India's transition to clean energy while supporting the nation's target of installing 500 GW of renewable energy capacity by 2030.