Oyster Renewable Energy

What Oyster Renewable Energy does

Oyster Renewable Energy is an Indian Independent Power Producer (IPP) headquartered in Mumbai that develops, constructs, and operates utility-scale hybrid solar-wind renewable energy projects for large industrial customers under long-term Power Purchase Agreements. Founded in 2022 with 11-50 employees, the company integrates bifacial solar photovoltaic modules with tracker systems alongside wind turbines (including Suzlon 3.15 MW and Vayona-supplied units) into single hybrid configurations designed to deliver a more balanced generation profile than single-technology projects. Its flagship engagement is a 315.6 MW solar-wind hybrid installation spanning Agar-Malwa in Madhya Pradesh and Gujarat developed for Jindal Stainless Limited at over ₹2,000 crore investment, part-commissioned in March 2026 with full operations targeted by June 2026, supplying more than 700 million units of electricity annually and enabling approximately 650,000 tonnes of CO₂ reduction per year.

The company monetizes generated electricity exclusively through bilateral PPAs negotiated directly with industrial off-takers in carbon-intensive sectors such as stainless steel and cement, with contracted tenures of 10–25 years providing recurring tariff-based revenue. Beyond Jindal Stainless, Oyster has signed a 31.6 MW hybrid project with Dalmia Cement in Kadapa district, Andhra Pradesh (₹270 crore investment, 2027 commissioning target), and established the Oyster Green joint venture with Jindal Stainless for a 282 MW hybrid project. The company has set a 3.5 GW capacity target by 2030 supported by a planned ₹30,000 crore investment pipeline, funded principally through project-level debt rather than disclosed equity rounds, including a $207.88 million facility from Union Bank of India in September 2025. Leadership consists of MD and CEO Siddharth Bhatia; the company has no disclosed patents, AI capabilities, or non-India operations.

Name

Oyster Renewable Energy

Legal name

Oyster Renewable Energy Pvt Ltd

Website

https://oysterrenewable.com

Company type

Private

Founded year

2022

Operating status

Operating

Headcount range

51–100 employees

Short description

Oyster Renewable Energy is an Indian Independent Power Producer developing utility-scale hybrid solar-wind renewable energy projects under long-term PPAs for large industrial customers such as Jindal Stainless and Dalmia Cement, targeting 3.5 GW of hybrid capacity by 2030.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Electric Power Generation (22111), Wind Electric Power Generation (221115), Solar Electric Power Generation (221114)

SIC

Cogeneration Services & Small Power Producers (4991), Electric Services (4911)

akta.pro primary industry

Hybrid Wind Power Plants (Wind+Solar+Storage Co-located) (EUACAFAH)

akta.pro secondary industry

Renewable Distributed Generation (Rooftop/Onsite Solar, Small Wind, Small Hydro) (EUACALAJ)

Keywords

• Hybrid renewable energy
• Industrial power purchase agreements
• Solar wind projects
• Independent power producer
• Clean energy generation

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D

Revenue model

1. Power Purchase Agreement (PPA) Revenue: Oyster Renewable develops, builds, and operates hybrid solar-wind renewable energy projects and sells the electricity generated to industrial customers under long-term Power Purchase Agreements. Revenue is derived from recurring electricity sales over contracted PPA tenures, providing stable, contracted cash flows tied to energy output and agreed tariff rates. This is the primary revenue mechanism, as evidenced by the company's 315.6 MW project supplying Jindal Stainless and the 31.6 MW project supplying Dalmia Cement.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels1 record

Core offering

Oyster Renewable Energy develops, builds, and operates hybrid solar-wind renewable energy projects and sells the electricity generated to large industrial customers under long-term Power Purchase Agreements. The company integrates bifacial solar PV modules with tracker systems alongside wind turbines (including Suzlon turbines) to deliver balanced, stable renewable generation tailored to industrial load requirements in India.

Product overview

Oyster Renewable Energy is a renewable energy project developer offering hybrid solar-wind renewable energy projects for industrial customers. The company develops, constructs, and operates large-scale hybrid renewable energy installations that combine solar and wind generation capacity. Projects are delivered under power purchase agreements (PPAs) with industrial off-takers such as Jindal Stainless and Dalmia Cement. The company targets building 3.5 GW of hybrid renewable capacity by 2030 with planned investment of ₹30,000 crore.

Differentiator

Problem solved

Functional benefit

Products and services

• Hybrid Solar-Wind Renewable Energy Projects
• Industrial Decarbonization Solutions
• 315.6 MW Solar-Wind Hybrid Project for Jindal Stainless Hybrid solar-wind renewable energy project in Agar-Malwa, Madhya Pradesh (also spanning Gujarat), supplying over 700 million units of electricity annually to Jindal Stainless's manufacturing facilities in Odisha and Haryana, enabling ~650,000 tonnes of carbon emission reduction per year.
• 31.6 MW Hybrid Wind-Solar Project for Dalmia Cement Hybrid wind-solar renewable energy project in Kadapa district, Andhra Pradesh, combining 21.6 MW of wind capacity with 10 MW of solar capacity to supply Dalmia Cement and reduce nearly 70,000 MT of CO2 emissions annually.
• 64.8 MW Wind Power Project Wind power project in Kadapa, Andhra Pradesh, supplied with 18 wind turbines by Vayona Energy under a long-term operations and maintenance contract.

Quantifiable outcome

• 650,000 tonnes of CO₂ emissions avoided per year from 315.6 MW Jindal Stainless project
• +3 more outcomes

Named customers2 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

One partnership is on record.

• Dalmia Cement (Dalmia Bharat)coreStrategic or Co-development Partner · 19 May 2026Oyster Renewable Energy and Dalmia Cement announced a collaboration to develop a 31.6 MW solar-wind hybrid renewable energy project in Kadapa district, Andhra Pradesh. The project combines 21.6 MW of wind capacity with 10 MW of solar capacity, requiring an investment of approximately ₹270 crore (USD 28.1 million), and is expected to be commissioned in 2027. The project will reduce nearly 70,000 MT of CO₂ emissions annually and supports Dalmia Bharat's target of achieving carbon negativity by 2040. This partnership advances Oyster Renewable's stated goal of building 3.5 GW of hybrid renewable capacity by 2030.

Scale indicators6 records

Recent moves8 records

Expansion highlights4 records

Emerging players

• Jindal Renewables (Jindal Group): Renewable energy arm of the Jindal Group and sister entity to Jindal Stainless (Oyster's largest customer and JV partner in Oyster Green). Direct comparable as an industrial-customer-aligned renewable developer, though with intra-group captive demand advantages Oyster does not have with non-Jindal customers.

Direct peers

• Acme Solar Holdings: India-listed renewable IPP focused on solar and hybrid projects with a sizeable industrial and utility PPA portfolio. Comparable as a hybrid renewable developer serving industrial customers, though currently more solar-weighted than Oyster's solar-wind mix.
• Greenko Group: India-focused renewable IPP with hybrid solar-wind-storage projects and long-term industrial PPAs. Direct comparable to Oyster's hybrid industrial-offtake model; larger and more diversified across storage and round-the-clock supply.
• Hero Future Energies: Indian renewable IPP developing solar, wind, and hybrid projects with a focus on C&I customers under long-term PPAs. Closely mirrors Oyster's hybrid industrial-PPA model and scale.

Broad incumbents

• JSW Energy: Indian integrated power company with a growing renewable portfolio including hybrid solar-wind projects serving industrial customers. Direct comparable as an industrial-PPA focused renewable developer; larger incumbent with thermal legacy.
• Tata Power Renewable Energy: Captive renewable arm of Tata Power, developing utility-scale solar, wind, and hybrid projects for C&I and industrial customers in India. Comparable to Oyster's hybrid industrial-PPA model but part of a much larger integrated utility group.
• Adani Green Energy: India's largest renewable IPP with a multi-GW operating portfolio across solar, wind, and hybrid projects. Directly comparable to Oyster as a developer/owner/operator of utility-scale renewables selling under PPAs, though far broader in scale and geography.
• ReNew Power: One of India's largest renewable IPPs with significant hybrid (solar+wind) capacity and a strong C&I/industrial PPA book. Closely comparable business model to Oyster's hybrid industrial-PPA approach, though at much larger scale and with disclosed institutional equity backing.
• Engie India / ENGIE Solar: Global utility with a sizeable Indian renewable IPP portfolio targeting C&I and industrial customers under PPAs. Comparable hybrid industrial-PPA model and offtaker-focused go-to-market, though at much larger global scale.

Others

• Suzlon Energy: India's largest domestic wind turbine manufacturer and a key technology supplier to Oyster's projects (Suzlon 3.15 MW turbines are deployed in the Jindal Stainless hybrid plant). Comparable as an adjacent player in the Indian wind ecosystem and a partner/ecosystem participant rather than a direct IPP competitor.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Oyster Renewable Energy