Jindal Steel and Power signs MoU with Greenko for 1000 MW carbon-free energy

New Delhi [India], October 19 : Jindal Steel and Power signed a Memorandum of understanding with Greenko Group to facilitate 1000 MW of Carbon-free energy for its steel-making operations at Angul, Odisha, according to an official release on Wednesday.
The MoU is aimed at reducing Co2 emissions.
Greenko will assist JSP in the design of the comprehensive energy solution including the design and development of the associated RE capacity, identification of potential strategic investor(s) for the RE capacity and making available energy storage capacity, according to the release.
"The proposed 1000 MW carbon-free energy is targeted to meet the existing and incremental power demand of JSP's Angul facility," it said.
"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," the release added.
Issuing a statement, Bimlendra Jha, Managing Director, Jindal Steel and Power said that they are "committed to progressively reducing" their carbon footprint and making steel manufacturing more sustainable.
"This collaboration with Greenko is aimed at reaffirming 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," he said.
Anil Chalamalasetty, Founder, Managing Director of Greenko said that 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," he said.