IOCL To Form New Subsidiary To Implement 1GW Wind, Solar Project

IOCL To Form New Subsidiary To Implement 1GW Wind, Solar Project

Indian Oil Corporation Limited (IOCL) has announced its plans to implement 1 GW of renewable energy projects across the country. In its latest board meeting, the oil corporation laid out a map to initiate projects involving standalone ground mounted Solar or standalone onshore Wind or Wind-Solar Hybrid projects.

IOCL has plans to establish a Wholly Owned Subsidiary (WoS) in India with an aim to operate in the domain of low-carbon, new, clean, and green energy businesses. According to the regulatory filing by IOCL, the solar, wind, or hybrid projects will be developed at an estimated cost of Rs. 5,215 crore including taxes & duties in a phased manner.

Further, the IOCL board has also approved an investment of Rs. 1,303.75 crore as equity in the proposed WoS for the implementation of 1 GW installed capacity of renewable energy projects.

IndianOil reported Revenue from Operations of Rs 8,66,345 crores for FY 2023-24 as compared to Rs 9,34,953 crores last year. The Net Profit for FY 2023-24 is Rs 39,619 crores as compared to Rs 8,242 crores during last year mainly on account of higher marketing margins as compared to last year. The Revenue from Operations of IndianOil is Rs 2,19,876 crores in Q4 2023-24 as compared to Rs 2,26,492 crores in the corresponding quarter of last year. The Net Profit for the fourth quarter of FY 2023-24 is Rs 4,838 crores as compared to Rs 10,059 crores in the corresponding quarter of last year.

Last month, Indian Oil Corporation Limited released a tender for rooftops and spare land at various locations spread all over India for the installation of Solar Photo Voltaic (SPV) Plants and to maximize production and utilization of Renewable Energy through these SPV Plants.

Indian Oil Corporation Limited has also formed a JV with Panasonic Energy, a Panasonic Group Company, by signing a binding term sheet to draw a framework for the formation of a JV for manufacturing cylindrical lithium-ion cells in India in anticipation of expanding demand for batteries for two and three-wheel vehicles and energy storage systems in the Indian market.