Keeping in line with its goal to become a net zero steel company by 2035, Jindal Steel & Power has signed an 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 Managing Director Bimlendra Jha said in a statement.“We are firmly committed to progressively reduce our carbon footprint and make steel manufacturing more sustainable. We already have Green Hydrogen ready DRI units present at Angul using syngas. This collaboration with Greenko is aimed at re-affirming our commitment towards our sustainability goals. The proposed power supply solution will significantly reduce the carbon emission at our Angul facility and help set a benchmark in the Indian steel industry. We are confident that we will be able to create significant value out of this sustainability initiative.”
Anil Chalamalasetty, Founder, Managing Director of Greenko, said, “Industrial de-carbonization is one of the biggest opportunities for companies and countries around the world and Indian corporates have been taking the lead in adopting the same. Increasing the use of carbon-free energy will not only reduce the carbon footprint of core industries in India but will also be a key differentiator in the global markets.”
JSP is an industrial powerhouse with a dominant presence in the steel, mining and infrastructure sectors. With an investment of 12 billion USD across the globe, the Company is continuously scaling its capacity utilization and efficiencies to capture opportunities for building a self-reliant India.