The company already owns an existing portfolio of 1,200MW of thermal power generation capacity.
Indian industrial conglomerate BC Jindal Group has announced plans to invest $2.5bn in the country’s renewable energy sector by 2029.
BC Jindal Group has proposed setting up a dedicated entity called Jindal India Renewable Energy (JIRE) to hold the renewable venture of the company. The company has two 600MW coal-based power plants in Angul, northeastern India, run by its Jindal India Thermal Power.
JIRE aims to generate power from 5GW of solar, wind, hybrid and FDRE [firm and dispatchable renewable energy] modes. It also intends to manufacture PV cells and modules to meet demand for solar power, according to reports.
This move follows the company’s strategic reorganisation of its global operations in May. It has a turnover of Rs18,000 crore ($235m).
JIRE director Punit Gupta commented: “To address India’s current energy requirement, brown energy is still dominant. We aim to act as a key player in the renewable energy sector by leveraging the strength of our existing power company.”
BC Jindal Group’s investment was preceded by its rival Adani Group’s announcement in June. Adani announced that it will invest $100bn in energy transition projects, aiming to produce key components for green energy generation in India.
