In Short : “Indian Oil Corp announces plans to deploy 1 GW of new wind and solar capacity, demonstrating its commitment to renewable energy expansion and contributing to India’s sustainable energy goals.”
In Detail : Indian petroleum refiner and fuel retailer Indian Oil Corporation Ltd (BOM:530965) on Tuesday announced a plan to deploy 1 GW of new renewable power generation capacity across the country, including ground-mounted solar, standalone onshore wind or wind-solar hybrid projects.
The planned investment, estimated at INR 52.15 billion (USD 624.9m/EUR 582.9m), has been approved by Indian Oil’s board, along with a proposal to set up a wholly-owned subsidiary to be in charge of the project and the company’s low carbon, new, clean and green energy businesses.
In addition, the board of directors has also approved a INR-13-billion equity investment on behalf of Indian Oil into the new entity for the implementation of the gigawatt-scale renewable portfolio.
Further details about the contemplated projects were not provided.
Indian Oil has already embarked on various energy transition-related initiatives over the past few years. Most recently, it announced a pact with Japan’s Panasonic Energy Co Ltd to consider the establishment of a joint venture to make lithium-ion batteries in India to serve the electric vehicle (EV) and energy storage markets.
(INR 100 = USD 1.198/EUR 1.118)
