IOCL approves Rs 10.86 billion equity in Terra Clean for 4.3 GW RE projects
Author: PPD Team Date: May 2, 2025
Indian Oil Corporation Limited (IOCL) has approved an equity investment of Rs 10.86 billion in Terra Clean Limited, its wholly-owned subsidiary. The funding will support the development of 4,300 MW of renewable energy (RE) capacity across India.
The approval was given during the Board of Directors meeting held on 30 April 2025. This new capacity comes in addition to the previously approved 1,000 MW, expanding Terra Clean’s total planned RE portfolio to 5,300 MW.
Terra Clean Ltd was established in May 2024 as part of IOCL’s green energy strategy. The company received an initial equity infusion of Rs 13.04 billion. It is focused on driving clean energy development, with emphasis on solar, wind, and hydrogen-based power.
In parallel, IOCL is preparing to award the contract for what will be India’s largest green hydrogen plant, with a capacity of up to 10 kilo tonnes per annum. The tender, reissued twice, is expected to be finalised by mid-May. The plant will be developed at IOCL’s Panipat Refinery and Petrochemicals complex on a build-own-operate-transfer basis.
The green hydrogen initiative is part of IOCL’s Rs 2.4 trillion plan to transition to clean energy and achieve net-zero carbon emissions by 2046. The company plans to set up green hydrogen units at all its refineries.
