JIRE won the bid for 300 MW of solar capacity at a tariff of ₹3.32/kWh. According to the terms, the 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).

Commenting on the announcement, the spokesperson of Jindal India Renewable Energy, said, “Winning this project reaffirms JIRE’s ability to deliver scalable and clean energy solutions. It strengthens the growing trust in our capabilities and reinforces our commitment to delivering firm, clean power that supports India’s energy transition. We remain focused on expanding our capacity to 5 GW in the coming years across solar, wind, hybrid, RTC, and FDRE platforms.”

SJVN 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/ 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 enterprise NHPC, signalling its expertise in large-scale renewable projects. This project is part of NHPC’s 1200 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 intends to invest $2.5 billion in the renewable energy sector over the next five years. This investment aims 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. This expansion, slated for completion within the next four years, will be funded through internal accruals and debt.

With India’s renewable energy sector growing rapidly, battery storage technology is becoming essential for grid stability and efficient power management. The Indian battery energy storage system (BESS) market is projected to grow at a CAGR of 11.41% 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. The group currently operates a 1,200 MW thermal power generation unit in Angul, Odisha, and is now focusing on renewable energy through JIRE.

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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.

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Bengaluru, 18 September 2024: Jindal India Renewable Energy, a part of the BC Jindal Group, announced its foray into the Battery Energy Storage Systems (BESS). The company plans to build 1 GWh battery pack assembly line with LFP chemistry by 2025 and will foray into battery cell manufacturing with 5 GWh capacity by 2027.

To achieve this, the company will be entering into a Technology Collaboration with a world-class technology provider to achieve highest quality standards. This move aligns with India’s efforts to strengthen its position as one of the top renewable energy players in the world.

Currently, the sector is witnessing rapid growth due to policy emphasis on renewables to enable the Government’s push towards a greener future BESS as a technology enables grid stability, efficient storage and most importantly, addresses the issue of power supply during peak periods and to fulfil the FDRE / RTC demand, and is expected to power India’s renewable energy aspirations. The Indian BESS market is expected to grow at an impressive CAGR of 11.41 pct till 2032, underscoring the significant opportunities that this sector presents.

Speaking on the development, Mr. Punit Gupta, Director,  Jindal India Renewable Energy said, “Jindal India Renewable Energy is proud to step in and meet the growing demand for India’s energy storage solutions. By investing in battery energy storage systems, we are expanding our portfolio as well as contributing to grid stability and deeper integration of renewable sources.”

This announcement comes in the backdrop of Jindal India Renewable Energy (JIRE) aiming to generate 5 GW of power from solar, wind, hybrid and FDRE modes. Along with this, going forward JIRE will also manufacture PV Cells and Modules to tap into the solar demand.

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.

The post Jindal India Renewable Energy Forays into Battery Energy Storage Systems to Achieve 5 GWh Capacity by 2027 appeared first on newsmantra.in l Latest news on Politics, World, Bollywood, Sports, Delhi, Jammu & Kashmir, Trending news | News Mantra.