- IndianOil’s green roadmap eyes scaling up renewable energy capacity to a total of 200 GW by 2050
- It is bringing all the green assets to operate under a single entity for better synergy
- IndianOil will launch a JV with NGEL to augment its renewable energy capacity by 2.8 GW
The Government of India owned oil refiner and fuel retailer Indian Oil Corporation (IndianOil) says it will expand its renewable energy portfolio from 239 MW now to 35 GW by 2030 and 200 GW by 2050, and sets up wholly-owned subsidiary to manage low-carbon, green energy businesses.
Specifically, its plans include scaling up renewable energy capacity with solar, wind pumped hydro and hydel projects to 3 GW and 0.6 MMT biofuels by 2025. It will be increased to 35 GW renewables, 4 MMT biofuels and 1 MMT biogas by 2030. Further by 2050, the strategy is to have 200 GW renewable energy, 7 MMT biofuels and 9 MMT biogas capacity.
“Our ambitious green roadmap also involves forging effective collaborations to nurture commercial-scale green businesses. We shall provide opportunities to investors and technology providers across the globe to partner in our journey,” said company Chairman SM Vaidya.
IndianOil is also consolidating all of its green assets under a single entity for better synergy. Its plan to set up a wholly-owned subsidiary to operate in the domain of low-carbon, new, clean and green energy businesses is currently awaiting approval from the government. This proposed subsidiary will focus and pursue IndianOil’s low-carbon and green energy business to meet the operational requirements of the net zero target and beyond, it stated.
The oil producer is also collaborating with Indian utility NTPC to augment its renewable energy capacity by around 2.8 GW. It will enter a joint venture with NTPC Green Energy Limited (NGEL) to develop renewable energy power plants to meet round-the-clock (RTC) power requirement of new projects of IndianOil Refineries in India (see India PV News Snippets).
It is also collaborating with Larsen & Toubro and ReNew in the space of green hydrogen joint ventures (see Green Hydrogen Joint Venture For India).