Oyster Renewable Energy Outlines ₹30,000 Crore Investment to Reach 3.5 GW Capacity by 2030

Renewable energy firm Oyster Renewable Energy has announced plans to invest close to ₹30,000 crore to build 3.5 GW of renewable capacity by the 2029-30 financial year. The expansion follows an initial commitment of more than ₹8,500 crore dedicated to roughly 1 GW of projects that are currently operational or scheduled to come online by March 2027.

According to Managing Director and CEO Siddharth Bhatia, the company generated its first revenues in March 2026 as initial plants commenced operations. Oyster expects to record around ₹400 crore from power sales by March 2027 and has established a revenue target of ₹1,331 crore for the 2027-28 fiscal year.

Founded in 2022, Oyster was established to target commercial and industrial (C&I) consumers by combining solar and wind assets under long-term power-purchase agreements (PPAs). Its early portfolio includes a flagship development for anchor customer Jindal Stainless spanning Madhya Pradesh and Gujarat, backed by a ₹1,517-crore loan from the Indian Renewable Energy Development Agency (IREDA) and a ₹132-crore equity commitment from the steelmaker. The company has also secured power agreements with other industrial firms, including Laurus Labs, Aster Hospitals, Dalmia Cement, and Kutch Chemicals.

Additionally, Oyster Green Hybrid Three secured a ₹1,844-crore loan from the Union Bank of India to fund a 342-MW solar-wind hybrid project in Madhya Pradesh, supported by a 25-year captive PPA with a process-industry customer.

As part of its broader roadmap, Oyster is expanding into battery storage to supply round-the-clock power to factories. The company has ordered a 67-MWh battery-storage proof of concept for its Madhya Pradesh pooling substation and is pursuing a long-term arrangement for about 1 GWh of storage capacity.

Regional expansions include an upcoming 1.2-GW renewable project with battery storage in Maharashtra, representing an investment close to ₹12,000 crore, with construction targeted to begin around January or February 2027. Meanwhile, in Madhya Pradesh, another 450 to 500 MW of capacity is slated for commissioning by March 2027.

"Oyster Renewable Energy's strategic focus on commercial and industrial consumers, paired with long-term power-purchase agreements and upcoming investments in battery storage, highlights a solid framework for scaling capital-intensive infrastructure. Moving from the development phase to active revenue generation is a critical milestone for any clean-tech enterprise, and securing diversified industrial clients provides the necessary revenue visibility to support their ₹30,000-crore expansion target." — Dr. Shishir Gupta, Founder & CEO, StartupLanes