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.
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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 that it will invest $100bn in energy transition projects, aiming to produce key components for green energy generation in India.
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By GlobalDataPower Technology’s parent company GlobalData revealed that India’s power market will grow at a compound annual growth rate (CAGR) of more than 4% by 2035.
India gets most of its thermal power generation from coal installations, which is predicted by GlobalData to remain the same by 2035. Last month, the government urged power companies to place orders for equipment worth $33bn to accelerate the expansion of the country’s coal-fired power capacity.
The government also recently sanctioned new interstate transmission system schemes worth Rs135.95bn ($1.63bn) to facilitate the evacuation of 9GW of renewable energy from the states of Rajasthan and Karnataka.
The country has set a target to achieve 500GW of installed renewable energy capacity by 2030, with 200GW already integrated into the grid.
