IOC to acquire up to 6 GW of renewable energy projects
Author: PPD Team Date: January 28, 2025
Indian Oil Corporation (IOCL) plans to acquire five to six GW of solar and wind power projects to expand its renewable energy portfolio.
The company targets 31 GW of renewable energy capacity by 2031 through organic growth, joint ventures, and mergers and acquisitions.
IOCL currently has a renewable energy capacity of 246.94 MW and established Terra Clean, a wholly owned subsidiary, in 2024 to drive clean energy operations. Terra Clean aims to develop 1 GW of renewable energy with a Rs 50 billion investment. A tender for the first 1 GW is underway, with an additional 4 GW in progress.
IOCL also collaborates with NTPC Green Energy (NGEL) and other renewable energy companies.
IOCL aims for net-zero operational emissions by 2046. By 2030, it targets 31 GW of renewable energy capacity, four million tonnes (MT) of biofuels, and one MT of biogas. By 2050, IOCL plans to scale to 200 GW, seven MT of biofuels, and nine MT of biogas. The company is also partnering with LanzaJet and Praj Industries to establish sustainable aviation fuel (SAF) infrastructure.