Indian Oil Corporation to Invest INR 5,215 Crore in 1 GW Renewable Energy Projects

Indian Oil Corporation Limited (IOCL) is set to strengthen its renewable energy portfolio with the approval of an investment in clean and green energy through its proposed wholly-owned subsidiary. 

At its meeting, the Board of Indian Oil Corporation sanctioned the implementation of 1 GW installed capacity of renewable energy (RE) projects. These projects will encompass standalone ground-mounted solar installations, standalone onshore wind farms, or hybrid projects combining wind and solar energy. The estimated cost for this project amounts to INR 5,215 crore, inclusive of taxes and duties. 

The Board also approved an equity investment of INR 1,303.75 crore in the proposed wholly-owned subsidiary dedicated to advancing low carbon, new, clean, and green energy businesses. This equity infusion will facilitate the realization of the 1 GW installed capacity of renewable energy project.