Indian Oil plans USD-3.5bn investment in renewables - report
Solar panels. Author: John S. Quarterman. License: Creative Commons, Attribution 2.0 Generic.
Oil and gas group Indian Oil Corporation (BOM:530965) intends to spend INR 250 billion (USD 3.5bn/EUR 3.1bn) under a plan to add wind, solar and biomass at its filling stations, Mercom Capital reports.
This comes together with plans for an INR-2-trillion investment that will see Indian Oil develop future-ready corporations providing comprehensive energy solutions in the next five-seven years. Projects that will benefit from the financing include renewables, biofuels, ethanol, waste-to-energy and biogas.
In the solar and wind sectors, the government-owned entity aims to have 260 MW of capacity by 2020. It presently owns 167.6 MW of wind and 48.6 MW of solar, both grid-connected and off-grid. More than 14,000 of its fuel stations run on solar panels, whose combined capacity is 77 MW.
Separately, Indian Oil will invest in second-generation ethanol projects and a pilot third-generation ethol plant, as well as a scheme that will integrate biofuel production into its refinery processes, according to the report.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.