Oyster Renewable Energy, an independent power producer, has partnered with Jindal Stainless Limited to develop a 282 MW interstate transmission system-connected wind-solar hybrid project. The project will supply clean energy to the Jindal Stainless’ manufacturing operations.
The project will be developed at two locations, Bhuj in Gujarat and Agar in Madhya Pradesh. It includes 99 MW of wind capacity in Gujarat, as well as 82 MW of wind capacity and 135 MWp of solar capacity in Madhya Pradesh. The initiative will be executed through a special purpose vehicle named Oyster Green Hybrid One Private Limited, with Jindal Stainless holding a 33.64 per cent equity stake.
Furthermore, the project is being financed by a Rs 15.17 billion loan from the Indian Renewable Energy Development Agency and has a 25-year group captive power purchase agreement. It is expected to help reduce carbon emissions by approximately 700,000 metric tonnes annually.
