The Project will generate 700 million units per year through a mix of solar and wind technologies. The wind-solar hybrid facility, with a high-capacity utilization factor, is expected to generate a significantly higher amount of energy per unit of the contracted capacity.
“Aligned with India's net-zero carbon emissions goal, Jindal Stainless is committed to power future growth through renewable sources of energy only and this step further cements our resolve” said Abhyuday Jindal, MD of Jindal Stainless. “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 tons per year. Resolutely chasing our ESG goals, we reduced our carbon emissions by 1.4 lakh tons in FY22 through various initiatives and are committed to reach net zero carbon emissions by 2050.”
As part of its efforts to achieve its Environmental, Social and Governance (ESG) goals and transition to sustainable manufacturing, Jindal Stainless has initiated Project Samanvay to assess the company’s preparedness with regard to select ESG indices and to develop a strategic roadmap for the future. Additionally, the company is hoping to be able to forecast its GHG emissions and establish emission reduction targets in line with the Science-Based Target Initiative (SBTi).
ReNew Power helps corporates meet their decarbonising goals by helping them transition to clean energy to power their operations. The company has contracted over 1.7 GW of renewable energy capacity with corporates thus far. This transition by the industry aligns with the Government of India’s climate goals of achieving Net Zero by 2070 and at the same time will also help India reduce its GDP emissions intensity by 45 percent by 2030.
The PPA was signed in the presence of Chairman, Mr Ratan Jindal; Managing Director (MD), Mr Abhyuday Jindal; Director, Mr Jagmohan Sood; Senior Vice President, Procurement, Mr Rajendra Pathak; Director and Group CFO, Mr Anurag Mantri, and Associate Vice President, Procurement, Mr Rajesh Jain from Jindal Stainless. From ReNew Power, Founder, Chairman, and CEO, Mr Sumant Sinha; Chief Commercial Officer, Mr Mayank Bansal; Business Head, Mr Rahula Kashyapa, and Assistant Vice President, Mr Dheeraj Ahuja were present on the occasion.
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