The project, developed at a total investment of over ₹2,000 crore, includes a committed investment of ₹132 crore from Jindal Stainless. It is being commissioned in phases, with operations already underway in Madhya Pradesh and the remaining capacity, including the Gujarat facility, expected to be fully operational by June.
Speaking with CNBC-TV18, Siddharth Bhatia, Managing Director & CEO of Oyster Renewable Energy, said around 115 MW has already been brought online, with the full 315 MW capacity slated for completion in a phased manner by June.
The project spans Madhya Pradesh and Gujarat, with 215-216 MW located in Madhya Pradesh and 99-100 MW in Gujarat. The entire capacity has been contracted for Jindal Stainless under a group captive structure, with the company also contributing ₹132 crore in equity.
Bhatia said the project is financed through a mix of equity and debt, with Indian Renewable Energy Development Agency (IREDA) acting as the debt provider. Oyster Renewable has funded the remaining equity portion.
Designed as a co-located hybrid installation, the project combines bifacial solar modules with tracker systems and Suzlon 3.15 MW wind turbines to enable a more balanced and stable renewable power generation profile for industrial use.
According to the Bhatia, the project is expected to reduce carbon emissions by approximately 6.5 lakh tonnes annually, supporting Jindal Stainless’ transition towards a cleaner energy mix.
Oyster’s ₹30,000 crore investment plan
On broader strategy of Oyster Renewable Energy , Bhatia said that it is targeting a total renewable energy portfolio of 3.5 GW by 2030, backed by an estimated investment of around ₹30,000 crore.
The planned capacity will comprise a mix of solar, wind and hybrid projects, alongside battery energy storage systems (BESS). Of the total pipeline, Bhatia said 1 GW is already tied up and under construction, while another 1 GW is in development, with commitments secured for about half of that capacity.
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Bhatia added that the current project is part of Oyster Renewable’s broader 1 GW portfolio under construction, catering to commercial and industrial consumers across sectors such as pharmaceuticals, healthcare, and cement, with the full portfolio expected to be operational by March 2027.
Eyes nearly 1 GW pipeline in Maharashtra
Bhatia said Oyester’s current footprint spans key states including Madhya Pradesh and Gujarat, with most of its upcoming capacity being developed on the ISTS network and smaller capacities on the STU network in Gujarat and Andhra Pradesh.
The company has a pipeline of nearly 1 GW planned for Maharashtra and is also actively evaluating opportunities in Karnataka and Tamil Nadu, the latter driven by strong wind potential. Overall, it plans to build assets across a mix of ISTS and STU connectivity routes.
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Shares of Jindal Stainless Ltd were trading at ₹717.85 on the NSE on March 27, down ₹6.35 or 0.88% in intraday trade.
