BC Jindal Group to invest $2.5 bn in renewable energy sector over next 5 years – EQ
In Short : BC Jindal Group will invest $2.5 billion in renewable energy over the next five years. This significant commitment aims to expand the group’s green energy footprint, aligning with India’s push for sustainable development. The investment will likely focus on solar and wind projects, contributing to the nation’s renewable energy goals and reducing carbon emissions.
In Detail : The goal of Jindal India Renewable Energy (JIRE) is to achieve decarbonisation and maintain responsible environmental care.
BC Jindal Group has declared its entry into India’s renewable sector. Over the next five years, the group intends to invest about US $2.5 billion in this industry. With 1,200 MW of thermal power now under development in Angul, Odisha, BC Jindal Group has established a special organisation to manage the group’s renewable endeavour. This organisation will be in charge of managing the firms that produce solar modules and cells as well as renewable energy.
The goal of Jindal India Renewable Energy (JIRE) is to achieve decarbonisation and maintain responsible environmental care by producing 5 GW of power through hybrid, solar, wind, and FDRE technologies. To meet the need for solar energy, JIRE will also produce PV Cells and Modules. With a strategic vision to build a 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 that their 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 entry into this segment will give a boost to this mission. 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 that as technology improves in this sector and demand increases, they aim to act as a key player in the renewable energy sector by leveraging the strength of the existing power company. This will enhance our energy security, ensuring a stable power supply for our operations.
