Jindal India Renewable Energy (JIRE), part of the BC Jindal Group, has received the Letter of Acceptance (LoA) for a 300 MW solar plus storage project from NHPC, a state-owned enterprise. This is part of NHPC’s larger initiative to develop 1200 MW solar power projects with integrated energy storage systems.
The awarded 300 MW capacity will be executed on a build-own-operate basis, with the project set to be completed within 24 months of signing the power purchase agreement (PPA). JIRE won this project through competitive bidding at a tariff of Rs 3.09/kWh, marking a significant step toward supporting India’s renewable energy goals. Initially, JIRE had secured 180 MW but was later awarded an additional 120 MW under the “Greenshoe Option,” making their total capacity 300 MW.
NHPC will purchase solar energy from JIRE for 25 years, distributing it to state utilities and other stakeholders. As part of the agreement, JIRE is required to deploy an energy storage system (ESS) with a minimum capacity of 0.5 MW/1MWh for each MW of contracted capacity.
JIRE plans to expand its portfolio by acquiring key operational assets in both domestic and international markets, aiming to complete these acquisitions within the next 1-2 years. This expansion will be funded through a combination of internal resources and debt.
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