Jindal India Renewable Energy gets LoA for 300 MW solar project from NHPC

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.

An Energy Storage System (ESS) of 600 MW/1200 MW means 600 MW of battery energy can provide power backup for two hours, giving a total output of 1200 MW, it said.

Jindal India Renewable Energy (JIRE) has bagged the 300 MW capacity at a tariff of Rs 3.09/kWh (kilowatt hour).

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.

JIRE is part of the BC Jindal Group which has over the period grown from a steel pipe manufacturer to a leading conglomerate in the power sector.