BC Jindal Group to invest $2.5 bn in renewable energy sector over next 5 years

• Published 2 months ago
• By SuperAdmin

This move aligns with the nation’s ambitious goal of installing 500 GW of renewable energy capacity by 2030. The new venture also marks BC Jindal Group’s diversification in its energy portfolio, which currently includes a 1,200 MW thermal power generation capacity in Angul, Odisha.

New Delhi: BC Jindal Group, a leading Indian conglomerate with a turnover exceeding Rs 18,000 crore, announced its entry into India’s renewable energy sector, with plans to invest approximately US $2.5 billion over the next five years.

The group's foray into this sector will be managed under a newly created entity, Jindal India Renewable Energy (JIRE), which will handle the group's renewable power generation, along with solar cells and module manufacturing.

With a strategic target to generate 5 GW of power through solar, wind, hybrid, and FDRE modes, JIRE aims to contribute significantly to India’s decarbonization efforts. This move aligns with the nation’s ambitious goal of installing 500 GW of renewable energy capacity by 2030.

The new venture also marks BC Jindal Group’s diversification in its energy portfolio, which currently includes a 1,200 MW thermal power generation capacity in Angul, Odisha.

“In line with India’s ambitious renewable energy goals, our aim is to generate 5 GW power from solar, wind, hybrid, and FDRE modes. As India aims to install 500 GW of renewable energy capacity by 2030, Jindal India Renewable Energy’s entry into this segment will give a boost to this mission. Our foray into the renewable sector is an evolution towards a green and sustainable future,” said Shyam Jindal, BC Jindal Group.

India is ranked 4th globally in terms of renewable energy capacity addition, and holds 4th and 5th positions in wind and solar power capacities respectively. JIRE’s entry into the renewable market is expected to support these rankings further.

Punit Gupta, Executive Director, Jindal India Renewable Energy, highlighted the importance of this strategic move, stating, “To address India’s current energy requirement, brown energy is still dominant. As technology improves in this sector and demand increases, we aim to act as a key player in the renewable energy sector by leveraging the strength of our existing power company. This will enhance our energy security, ensuring a stable power supply for our operations.”