BC Jindal Group to Invest USD 2.5 Billion in India's RE Sector with 5 GW Goal
Jindal India Renewable Energy aims to generate 5 GW of power from solar, wind, hybrid and FDRE modes to uphold responsible environmental care while achieving decarbonisation.
August 23, 2024. By News Bureau
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BC Jindal Group announced its foray into India's renewable sector. The group plans to invest around USD 2.5 billion in this sector in the next 5 years.
With an existing portfolio of 1,200 MW thermal power generation in Angul, Odisha, BC Jindal Group has floated a dedicated entity to hold the renewable venture of the group. This entity will oversee the renewable power generation and solar cells and module manufacturing businesses.
Jindal India Renewable Energy aims to generate 5 GW of power from solar, wind, hybrid and FDRE modes to uphold responsible environmental care while achieving decarbonisation. Along with this, JIRE will also manufacture PV Cells and Modules to tap into the solar demand. With a strategic vision to build a state-of-the-art portfolio in the renewable sector, this is a natural evolution for the BC Jindal Group.
Commenting on the announcement, Shyam Jindal, BC Jindal Group, said, "In line with India's ambitious renewable energy goals, our aim is to generate 5 GW power from solar, wind, hybrid and FDRE modes. As India aims to install 500 GW of renewable energy capacity by 2030, Jindal India Renewable Energy's entry into this segment will give a boost to this mission. Our foray into the renewable sector is an evolution towards a green and sustainable future."
Currently, India ranks 4th globally for adding more renewable capacities along with ranking 4th and 5th for wind and solar power capacity, respectively.
Speaking on the launch of this vertical, Punit Gupta, Executive Director, Jindal India Renewable Energy said, "To address India's current energy requirement, brown energy is still dominant. As technology improves in this sector and demand increases, we aim to act as a key player in the renewable energy sector by leveraging the strength of our existing power company. This will enhance our energy security, ensuring a stable power supply for our operations."
With an existing portfolio of 1,200 MW thermal power generation in Angul, Odisha, BC Jindal Group has floated a dedicated entity to hold the renewable venture of the group. This entity will oversee the renewable power generation and solar cells and module manufacturing businesses.
Jindal India Renewable Energy aims to generate 5 GW of power from solar, wind, hybrid and FDRE modes to uphold responsible environmental care while achieving decarbonisation. Along with this, JIRE will also manufacture PV Cells and Modules to tap into the solar demand. With a strategic vision to build a state-of-the-art portfolio in the renewable sector, this is a natural evolution for the BC Jindal Group.
Commenting on the announcement, Shyam Jindal, BC Jindal Group, said, "In line with India's ambitious renewable energy goals, our aim is to generate 5 GW power from solar, wind, hybrid and FDRE modes. As India aims to install 500 GW of renewable energy capacity by 2030, Jindal India Renewable Energy's entry into this segment will give a boost to this mission. Our foray into the renewable sector is an evolution towards a green and sustainable future."
Currently, India ranks 4th globally for adding more renewable capacities along with ranking 4th and 5th for wind and solar power capacity, respectively.
Speaking on the launch of this vertical, Punit Gupta, Executive Director, Jindal India Renewable Energy said, "To address India's current energy requirement, brown energy is still dominant. As technology improves in this sector and demand increases, we aim to act as a key player in the renewable energy sector by leveraging the strength of our existing power company. This will enhance our energy security, ensuring a stable power supply for our operations."
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