Oyster Renewable Energy has outlined close to ₹30,000 crore to build 3.5 GW of renewable capacity by 2029-30, stepping up from more than ₹8,500 crore already committed to about 1 GW of projects that are operational or scheduled to come online by March 2027, Managing Director and CEO Siddharth Bhatia told businessline.
The company is preparing a ₹12,000-crore, 1.2-GW renewable project with battery storage in Maharashtra, where it expects to begin construction around January-February 2027. In Madhya Pradesh, another 450-500 MW is expected to be commissioned by March 2027.
“We have already committed over ₹8,500 crore to projects that are online or coming online before March 2027. In Maharashtra alone, we will invest close to ₹12,000 crore in a 1.2-GW project, including batteries. The total outlay to achieve our 3.5-GW target will be close to ₹30,000 crore,” Bhatia said.
Oyster became a revenue-generating company only in March 2026 when its first plants started operating. Bhatia said the company is on course to generate around ₹400 crore from power sales by March 2027 and confirmed a revenue target of ₹1,331 crore for FY28.
“Until your project is commissioned, you are technically spending money in setting up that project. It’s only when it gets commissioned that you start earning money as power income,” he said.
C&I power play
Founded in 2022, Oyster was set up to tap commercial and industrial consumers at a time when much of the renewable-energy industry was chasing large utility-scale projects. Its strategy combines solar and wind under long-term power-purchase agreements to provide industrial customers with renewable electricity across more hours of the day.
Jindal Stainless became its anchor customer, but Oyster has since expanded across steel, pharmaceuticals and healthcare, cement, FMCG and chemicals. Bhatia named Laurus Labs, Aster Hospitals, Dalmia Cement and Kutch Chemicals among companies that have signed up for power.
Its flagship development for Jindal Stainless spans Madhya Pradesh and Gujarat. A 135-MW phase in Madhya Pradesh was commissioned in March, followed by 52.8 MW of wind capacity at Dayapar in Gujarat on July 30. Another 14 turbines are planned, taking the Gujarat wind component to 99 MW.
The Jindal Stainless project entails investment of more than ₹2,000 crore, including a ₹132-crore equity commitment from the steelmaker. It is backed by a ₹1,517-crore loan from the Indian Renewable Energy Development Agency and a 25-year power-purchase agreement.
Oyster Green Hybrid Three has separately secured a ₹1,844-crore, roughly 20-year Union Bank of India loan for a 342-MW solar-wind hybrid project in Madhya Pradesh backed by a 25-year captive PPA with a process-industry customer.
Storage completes the puzzle
Battery storage is the next leg of Oyster’s plan as it seeks to provide more reliable renewable power to factories operating around the clock.
“The missing largest piece to truly be a round-the-clock player is storage,” Bhatia said.
Oyster has placed an order for a 67-MWh battery-storage proof of concept that will be installed at its Madhya Pradesh pooling substation and is working towards a long-term arrangement for about 1 GWh of batteries. The eventual aim is to deploy storage across its 3.5-GW portfolio.
Madhya Pradesh will provide the immediate commissioning push. Oyster expects 450-500 MW to come online there by March 2027, while its pooling substation has been designed to support an eventual 750 MW.
Maharashtra provides the next leap. Land aggregation is underway and Oyster has applied for evacuation connectivity for the 1.2-GW project, with construction targeted to begin around January-February 2027.
For Oyster, the ₹30,000-crore expansion therefore hinges on turning an increasingly large development pipeline into operating assets. After spending its first four years building projects, the company has entered the phase when those assets begin generating electricity, and revenue..