(ET Energy)
BC Jindal Group on Tuesday announced its strategic entry into renewable energy component manufacturing with plans to invest ₹15,000 crore by 2030 and set up production capacities across solar and battery segments.The group, with an annual turnover of over ₹18,000 crore, said the first phase of the project would see an investment of ₹4,000 crore. This phase includes 2 GW solar cell and module production, 4 GWh battery storage capacity , and 1,200 tonnes per day solar glass manufacturing.The group has shortlisted Maharashtra and Gujarat for setting up these facilities.“Our foray into the renewable energy component manufacturing sector is a reflection of our unswerving commitment towards supporting India’s vision of installing 500 GW of renewable energy capacity by 2030,” a spokesperson for the BC Jindal Group said.“Approximately 40 per cent of the manufacturing output is likely to be captively consumed for our renewable energy generation projects,” the spokesperson added.The announcement follows Jindal India Renewable Energy (JIRE), the group’s renewable energy arm, securing a 300 MW solar-plus-battery energy storage project from NHPC. JIRE has a target of achieving 5 GW of power generation capacity through solar, wind, hybrid, and firm and dispatchable renewable energy (FDRE) solutions.The group said it plans to invest $2.5 billion in renewable energy over the next five years and is exploring acquisitions of operational and under-development renewable assets in India and overseas.JIRE is also focusing on developing projects connected to Central and State Transmission Utility (CTU/STU) networks to cater to utility-scale buyers and commercial and industrial (C&I) customers.
