Jindal Stainless signed a contract with renewable energy company, ReNew Power, to develop a utility-scale captive renewable energy project for the supply of power to its facility in Jajpur, Odisha. The Project will generate 700 million units per year through a mix of solar and wind technologies. This innovative Wind-Solar hybrid solution, with a high-Capacity Utilization Factor, is expected to generate a significantly higher amount of energy per unit of the contracted capacity. With this, ReNew Power also brings its Round the Clock (RTC) solution to the B2B space, which it pioneered for Utilities earlier last year.
Commenting on the collaboration, MD, Jindal Stainless, Mr Abhyuday Jindal said, “Our project with ReNew Power is expected to start commercial operations by May, 2024 and will aid in carbon abatement by over 6.5 lakh tonnes per year. Resolutely chasing our ESG goals, we reduced our carbon emissions by 1.4 lakh tonnes in FY22 through various initiatives and are committed to reach net zero carbon emissions by 2050.”
Jindal Stainless is taking deliberate initiatives to achieve its Environmental, Social and Governance (ESG) goals and transition to sustainable manufacturing. The Company initiated Project Samanvay to assess its preparedness as per select ESG indices and develop a strategic roadmap for the future. Additionally, the Company has also proposed to forecast its GHG emissions and establish emission reduction targets in line with the Science-Based Target Initiative (SBTi).
Founder, Chairman, and CEO, ReNew Power, Sumant Sinha, said, ” We believe this unique model will revolutionize the way power is procured by Corporate India. I’m confident that the environmental and commercial benefits stemming from our partnership will inspire other manufacturing organizations to proactively procure renewable energy to power their operations. This innovative Wind-Solar hybrid system will accelerate the adoption of clean energy in a hard-to-abate sector.”