Mumbai, June 4, 2025 – In a major step toward decarbonizing India’s industrial sector, Oyster Renewable Energy Private Limited, an Independent Power Producer (IPP), has announced a partnership with Jindal Stainless Limited, India’s largest stainless steel manufacturer. This initiative raises the bar for transition to low-carbon manufacturing and accelerates India’s path toward achieving its net-zero ambitions. At the heart of this partnership lies a cutting-edge 282 MW interstate wind-solar hybrid project, strategically located across Bhuj (Gujarat) and Agar (Madhya Pradesh).
The project will combine:
- 82 MW of wind + 135 MWp of solar in Madhya Pradesh
- 99 MW of wind in Gujarat
With this collaboration, Jindal Stainless has acquired a 33.64% equity stake in Oyster Green Hybrid One Private Limited, a Special Purpose Vehicle (SPV) promoted by Oyster Renewable. The initiative is backed by a ₹1,517 crore loan sanctioned by the Indian Renewable Energy Development Agency (IREDA) and will operate under a 25-year group captive Power Purchase Agreement (PPA)– directly supplying clean power to Jindal Stainless’ manufacturing operations.
This state-of-the-art plant will significantly reduce dependence on conventional grid electricity. And will help reduce CO2 emissions by about 7lac metric tonnes annually, and equivalent to planting 3 crore trees per year.
Beyond emissions savings, this partnership empowers Jindal Stainless to produce low-carbon “green steel,” enhancing India’s competitiveness in global export markets where sustainability is increasingly a prerequisite. It will also drive local job creation during both the construction and operational phases, supporting livelihoods while fuelling India’s clean energy economy.
Siddharth Bhatia, Managing Director of Oyster Renewable Energy Pvt Ltd., shared his vision, stating, “This partnership is a blueprint for the future of Indian industry. At Oyster Renewable, we believe energy solutions must go beyond cost and capacity- they must create real, lasting impact. Together with Jindal Stainless, we are pioneering a model where clean energy and industrial excellence converge, proving that sustainability and profitability are not opposing goals, but complementary forces driving a stronger, greener India.”
With a sharp focus on commercial and industrial (C&I) sectors, Oyster Renewable is building a future where hybrid energy systems- fusing wind and solar- become the norm. These systems provide reliability, flexibility, lower energy costs, and minimize carbon footprints. The company has set an ambitious goal: to develop 2 gigawatts (GW) of renewable energy capacity by 2030, strengthening its role as a catalyst in India’s clean energy transition.
About Oyster Renewable Energy:
Oyster Renewable Energy Pvt Ltd is committed to spearheading the renewable energy revolution as an Independent Power Producer (IPP), founded with a vision to transform the way power is generated and consumed. At the heart of Oyster Renewable’s mission is the development, investment, and operation of cutting-edge Renewable Energy (RE) projects. With an ambitious goal to develop 2 gigawatts (GW) of renewable energy capacity by 2030, Oyster Renewable Energy primarily focuses on serving the commercial and industrial (C&I) sector across India. With a keen eye on environmental sustainability, Oyster Renewable’s projects are designed as hybrid systems, optimizing the synergy between Solar and Wind capacities. This strategic blend not only ensures a consistent power supply but also reduces the carbon footprint. Ongoing projects include a 282 MW Solar and Wind Hybrid Project.