ENA Sectors 2024-05-01 16:06:08 <p><span style="font-size:14px"><strong>New Delhi, May 1 (KNN)</strong> Indian Oil Corporation (IOC), the nation's largest oil refining and fuel marketing company has approved investment of over Rs 6,500 crore to set up 1 gigawatt (GW) of renewable energy capacity in a major push towards renewable energy. </span></p> <p><span style="font-size:14px">In a meeting held on April 30th, IOC's board gave the green light to implement 1 GW of installed renewable energy capacity. </span></p> <p><span style="font-size:14px">This will comprise a mix of ground-mounted solar projects, onshore wind projects, and wind-solar hybrid projects.</span></p> <p><span style="font-size:14px">The total approved cost for this renewable energy portfolio is Rs 5,215 crore, including taxes and duties. </span></p> <p><span style="font-size:14px">The projects will be executed in a phased manner through a proposed wholly-owned subsidiary focused on low carbon, clean and green energy businesses.</span></p> <p><span style="font-size:14px">Additionally, the board approved an equity investment of Rs 1,303.75 crore in this new subsidiary to fund the 1 GW renewable capacity implementation.</span></p> <p><span style="font-size:14px">This move by Indian Oil is in line with India's target of achieving 500 GW of non-fossil fuel based installed electricity capacity by 2030. </span></p> <p><span style="font-size:14px">It also aligns with IOC's objectives of diversifying into sustainable energy sources and reducing its carbon footprint.</span></p> <p><span style="font-size:14px">Industry observers lauded the decision as a positive step towards India's clean energy transition and IOC's long-term business sustainability.</span></p> <p><span style="font-size:14px"><em><strong>(KNN Bureau)</strong></em></span></p> 37631 https://knnindia.co.in/news/newsdetails/sectors/indian-oil-to-invest-over-rs-6500-crore-in-renewable-energy-push 2024-05-01 16:06:08 knnindia.co.in