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Indian Oil plans USD-3.5bn investment in renewables - report

Solar panels. Author: John S. Quarterman. License: Creative Commons, Attribution 2.0 Generic.

August 22 (Renewables Now) - 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.

(INR 10 = USD 0.139/EUR 0.126)

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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.

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