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Oyster Green Hybrid One SPV had secured INR 1,517 crore from IREDA under a long-term captive PPA structure. Image Source: AI Generated
Mumbai-based Oyster Renewable Energy partnered with Jindal Stainless to develop a 282 MW interstate wind-solar hybrid project across Bhuj in Gujarat and Agar in Madhya Pradesh. The project included 82 MW wind and 135 MW solar in Madhya Pradesh, and 99 MW wind in Gujarat. It was implemented through a Special Purpose Vehicle named Oyster Green Hybrid One Private Limited, with Jindal Stainless holding a 33.64% equity stake. The initiative received an INR 1,517 crore (~$176.7 million) loan from IREDA and operated under a 25-year group captive Power Purchase Agreement. It was estimated to reduce CO₂ emissions by 700,000 metric tons annually, equivalent to the sequestration of 30 million trees.