Bengaluru, 24th January 2025: BC Jindal Group, India’s leading conglomerate with over Rs. 18,000 crore turnover, has announced that its renewable energy arm, Jindal India Renewable Energy (JIRE) has won a 180 MW solar plus storage project from state-owned, NHPC. 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.
JIRE has bagged 180 MW of solar power capacity from NHPC at a tariff of Rs 3.09/kWh. As per the stated terms, the company will be executing a solar project on a build-own-operate basis. In addition, the green-field project will have to be completed within 24 months from signing of the power purchase agreement (PPA).
Commenting on the announcement, Mr. Amit Kumar Mittal, CEO, Jindal India Renewable Energy, said, “Winning the competitive bid for this crucial project is a reflection of JIRE’s proficiency and capabilities in the renewable energy space. This also gives impetus to our goal of expanding the company’s capacity to 5 GW from solar, wind, hybrid, hydro and FDRE modes, within the next four years. We aim to take this momentum forward in the upcoming quarters as well.”
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. As part of the contract, JIRE will have to deploy an ESS of at least 0.5 MW/ 1MWh capacity for 1 MW contracted capacity.
In 2025-2026, JIRE is looking to strategically expand its capacity portfolio by acquiring key operational assets within the country and across geographies. The company has sets sight on augmenting its presence and is actively pursuing aggressive acquisitions of operational assets both domestically and abroad. These acquisitions are anticipated to be finalised in 1-2 years and will be funded through a mix of internal accruals and debt.
The BC Jindal Group had recently floated its dedicated entity, JIRE, to hold the renewable venture of the group. This company will oversee the renewable power generation, solar cells and module manufacturing businesses.
Jindal India Renewable Energy operates under the BC Jindal Group, founded in 1952 by Shri B.C. Jindal. Originally a steel pipe and fittings manufacturer, the group has grown into one of India’s leading conglomerates with a significant presence in the power sector. JIRE’s initiative represents a forward-thinking approach to energy diversification. With a focus on environmental well-being at the core of its inception, BC Jindal Group’s commitment extends beyond compliance to a genuine dedication to preserving the environment for future generations.
JIRE continues this legacy by deploying state-of-the-art technologies to drive India’s transition to clean energy while supporting the nation’s target of installing 500 GW of renewable energy capacity by 2030.