BC Jindal Group, a leading Indian conglomerate with a turnover exceeding ₹18,000 crore, has announced that its renewable energy subsidiary, Jindal India Renewable Energy (JIRE), has received the Letter of Acceptance (LoA) for a 300 MW solar-plus-storage project from NHPC. This project is part of NHPC’s 1,200 MW inter-state transmission system-connected solar power initiative, which includes 600 MW/1,200 MW energy storage systems.
JIRE secured 300 MW of solar power capacity from NHPC at a tariff of ₹3.09/kWh. The company will develop the solar project on a build-own-operate basis, with completion mandated within 24 months from the signing of the power purchase agreement (PPA). Initially, JIRE had won 180 MW capacity for the Solar-BESS project, but under the “Greenshoe Option” of the tender, the company was awarded an additional 120 MW, bringing the total project capacity to 300 MW.
Speaking on this significant achievement, Amit Kumar Mittal, CEO of Jindal India Renewable Energy, stated, “Securing the LoA for 300 MW capacity after competitive bidding is testimony to JIRE’s ability and expertise to deliver substantial projects in the evolving renewable energy space. This project win aligns with BC Jindal Group’s goal of supporting the nation’s target of installing 500 GW of renewable energy capacity by 2030.”
NHPC will enter into a 25-year agreement with JIRE, purchasing solar power from the company to supply state utilities and other buyers. Under the contract terms, JIRE must deploy an energy storage system (ESS) with at least 0.5 MW/1 MWh capacity per megawatt of contracted capacity.
BC Jindal Group recently established JIRE as a dedicated entity to oversee its renewable energy ventures, including power generation, solar cell manufacturing, and module production. Looking ahead, JIRE plans to expand its capacity portfolio by acquiring operational renewable assets across India and internationally in the 2025-2026 period. The company is actively pursuing acquisitions expected to be finalized within the next 1-2 years, funded through a mix of internal accruals and debt.
