Indian state-controlled refiner IOC is set to invest 16.6bn rupees ($200mn) as equity in a joint venture with gas utility firm NTPC for setting up renewable power plants.
The project aims to provide 650 MW of round-the-clock green power for upcoming refinery projects.
IOC is set to expand its refinery operations to about 107mn t/yr (2.15mn b/d) in the coming years, it said in its annual report without giving a timeline.
As part of its expansion plans, the firm will raise capacity at its Panipat refinery to around 502,000 b/d in the coming years from the current 301,000 b/d, Gujarat refinery to 361,000 b/d from 275,000 b/d currently, Barauni refinery to 180,000 b/d from around 120,000 b/d and Digboi refinery to 20,000 b/d from over 13,000 b/d. The capacity of Chennai Petroleum's Manali refinery and upcoming Cauvery basin refinery will be increased to nearly 392,000 b/d from 211,000 b/d, IOC's annual report shows.
IOC's current renewable capacity stands at 238.7 MW. Its joint venture with NTPC Green Energy is aimed to help increase its capacity by an approximate 2 GW.
IOC has another joint venture with SJVN to produce 15 GW renewable energy capacity by 2030, as part of its aim to reach scope 1 and 2 net zero emissions by 2046.
The firm has also ventured into green hydrogen through an initial agreement with ReNew Power and L&T, aiming to explore the sector.
India aims to achieve net zero emissions by 2070 and reduce carbon emissions by 1bn t by 2030. The country's strategy largely rests on tripling its renewable capacity to 500 GW before 2030.
