Keeping in line with its goal to become a net zero steel company by 2035, Jindal Steel & Power (JSP) has signed an memorandum of understanding (MoU) with Greenko Group to facilitate 1000 MW of Carbon-free energy for its steel-making operations at Angul, Odisha. India’s leading energy transition company, Greenko will assist JSP in the design of the comprehensive energy solution including the design & development of the associated RE capacity, identification of potential strategic investor(s) for the RE capacity and making available energy storage capacity.
The proposed 1000 MW carbon-free energy is targeted to meet the existing and incremental power demand of JSP’s Angul facility. This is amongst the largest commitment by any Indian Industrial Group, particularly steel producers in India, to use clean energy in core industrial processes. Once completed, it will ensure the reduction of approximately 7 million tonnes of CO2 annually. As part of the proposed transaction, Greenko Group shall offer energy storage capacity from its Off Stream Closed Loop Pumped Storage Project (OCPSP) under development in Madhya Pradesh and Rajasthan.
Jindal Steel & Power is one of India’s fastest growing and largest integrated steel manufacturers, significantly present in Steel, Power Generation and Infrastructure segments and catering to a large part of India's domestic energy and infrastructure requirement.
| Company Name | CMP |
|---|---|
| Jindal Steel | 1269.50 |
| Lloyds Metals&Energy | 1622.70 |
| Jai Balaji Inds | 72.59 |
| Steel Exchange India | 8.96 |
| Rajputana Stainless | 125.90 |
| View more.. | |
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