India’s largest oil firm to invest $430 million in clean energy

• 13 years ago (2010-08-14)
• David Flin

North America 998 Nuclear 639 Renewables 751

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The Indian Oil Corporation (IOC) is looking to diversify into the renewable and nuclear energy sectors, and has earmarked $430 million for investment over the next five years.

IOC is looking to develop wind, solar and tidal energy for commercial sale of power. IOC is also looking to form a joint venture with the Nuclear Power Corporation of India to take full advantage of investment opportunities resulting from the India-USA nuclear deal.

The company already generates power from wind energy for captive use, but it intends to foray into power generation for commercial sale, either to the power exchanges or to the grid itself. IOC is looking for sites in Rajasthan and Tamil Nadu for setting up solar and wind energy plants; both these states have significant wind and solar energy resources. IOC has also registered for roof-top solar installations.

Several oil companies in India are looking to secure their revenue lines by investing into new areas which are supported by the government through various financial incentives. Through the National Solar Mission, which aims to have 20 GW of solar installation by 2022, the government is offering subsidies for investors looking to set up solar power plants.