BC Jindal Group's JIRE secures 300-MW solar power project from SJVN

BC Jindal Group's renewable energy arm JIRE on Monday said it has secured a 300-MW solar energy project from SJVN Ltd.

The project is part of SJVN's 1,200-MW inter-state transmission system-connected solar power projects tender, which also includes 600 MW/2400 MW of battery energy storage systems (BESS), according to a statement.

Jindal India Renewable Energy (JIRE) won the 300-MW solar-plus-storage project at a tariff of Rs 3.32/kWh, the company said, adding that he project will be developed on a build-own-operate basis. 

The greenfield project must be completed within 24 months from the signing of the power purchase agreement (PPA).

A spokesperson of JIRE said in the statement, "We remain focused on expanding our capacity to 5 GW in the coming years across solar, wind, hybrid, RTC, and FDRE platforms."  SJVN, a public sector Navratna company, will enter into an agreement with JIRE for 25 years to purchase solar power 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/ 2MWh capacity for 1 MW contracted capacity.

Recently, JIRE also received a Letter of Acceptance (LoA) for a 300-MW solar plus storage project from state-owned NHPC. This project is part of NHPC's 1,200 MW inter-state transmission system (ISTS)-connected solar power initiative, which includes 600 MW/1200 MW energy storage systems.

In line with its strategic growth plan, JIRE said it intends to invest USD 2.5 billion in the renewable energy sector over the next five years with an aim to meet India's growing energy demand while improving grid stability through advanced battery energy storage systems.

Additionally, JIRE is setting up a solar cell and module manufacturing plant in Maharashtra, with a planned annual capacity of 2 GW.

The facility is expected to be operational by September 2026.

To further strengthen its renewable energy portfolio, JIRE is exploring the expansion of its operational assets across India.

The Indian battery energy storage system (BESS) market is projected to grow at a CAGR of 11.41 per cent until 2032, driven by the increasing need for round-the-clock renewable power supply.

Founded in 1952, BC Jindal Group has expanded from a steel pipe manufacturer into a major player in the power sector.

With over Rs 18,000 crore of annual turnover, the group currently operates a 1,200 MW thermal power generation unit in Angul, Odisha, and is now focusing on renewable energy through JIRE.