Indian Oil Corp plans to deploy 1 GW of new wind, solar capacity

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)

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