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IOC Targets 5-6 GW RE Projects in Green Push

Indian Oil aims to add 31 GW of renewable energy capacity by 2031 through organic growth and mergers and acquisitions. State-run Indian Oil Corporation (IOCL) has said that it will acquire 5-6 gigawatts (GW) of solar and wind power projects to expand its green energy portfolio.

This is part of the country’s largest oil marketing company’s (OMC) strategy to become a Net Zero carbon dioxide emitter by 2046.

“IOCL has multiple strategies to achieve the target. We have a target of 31 GW to be added by 2031. We have a mix of organic route to achieve that. We will be doing this with our joint venture (JV) partners also. We will also be achieving this target through mergers and acquisitions (M&As),” IOCL management said in an investor call.

The management included Director (Finance) Anuj Jain, ED (Corporate Finance & Treasury) RVN. Vishweshwar, CGM (Treasury) Pramod Jain and GM (Treasury) Prabhat Himatsingka.

As of March 2024, IOCL’s renewables portfolio stands at 246.94 megawatts (MW), which consists of 167.60 MW of wind capacity and 79.34 MW of solar photovoltaic (PV) capacity.

In FY24, the OMC produced 401.50 million units (MU), which mitigated 3,68,980 tonnes of CO2 equivalent emissions. In 2023, IOCL’s carbon footprint was around 22.76 million tonnes of CO2 equivalent (MTCO2e), while the total water footprint was about 149.6 billion litres.

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