IOC to spend Rs 5 lakh cr by 2050 on setting up 200 GW RE, 7 MMT biofuels

New Delhi: As part of a pivot towards green energy, state-run Indian Oil Corporation (IOC) has plans to invest Rs 5 lakh crore into putting in place 200 GW of Renewable Energy capacity, 7 MMT biofuels and 9 MMT biogas by 2050. At the first Green Energy Summit held on March 15, Indian Oil shared a wide array of sustainability endeavours poised to catalyse India's green energy transition. The PSU has underscored its intent to consolidate all its existing green assets under one umbrella and rapidly expand its footprint across sustainable energy avenues like biofuels, renewables, green hydrogen and CCUS (Carbon offsets & Carbon Capture, Utilisation and storage).

Speaking on the occasion, Indian Oil Chairman SM Vaidya said, "While Indian Oil is committed to energising India's exponentially rising energy needs, we are also determined to be the flagbearer of India's green energy transition. We are thus scaling up our green endeavours with a definitive focus, and going forward, we will consolidate our green assets under one umbrella for better synergy. Our ambitious green roadmap also involves forging effective collaborations to nurture commercial-scale green businesses. We shall provide opportunities to investors and technology providers across the globe to partner in our journey." The statement came on a day Indian Oil Board of Directors approved the consolidation of its green energy business under one wholly-owned subsidiary.

Indian Oil green energy expansion plans

Indian Oil plans to build a portfolio of 3 GW RE and 0.6 MMT biofuels by 2025, 35 GW RE, 4 MMT biofuels and 1 MMT biogas by 2030 and 200 GW Renewable Energy, 7 MMT Biofuels and 9 MMT Biogas by 2050.

"Indian Oil's best-in-class ability on project execution will be pivotal in providing accessible, low-cost energy to every Indian throughout our country," said the Chairman.

Indian Oil's renewable energy portfolio currently stands at 239 MW, which is being expanded through new wind, solar, hydel and pumped hydro projects. "We are also collaborating with NTPC to augment our Renewable Energy capacity by around 2.8 GW. There is also greening of the supply chain through solarising 20,705 Retail Outlets with an installed capacity of 121 MW. Initiatives in EVs are being intensified by setting up 4700 charging stations and 66 battery swapping stations. A collaboration has been entered with Phinergy, an Israeli start-up company specialising in hybrid lithium-ion and aluminium-air battery systems, to form IOC Phinergy Private Limited. Various other battery chemistries are also being explored," said an official statement.

Green Hydrogen

Indian Oil has also firmly etched its presence in the nascent Green Hydrogen ecosystem of the country. The PSU has a firmed-up collaboration with ReNew Power Private Limited (ReNew) and Larson & Toubro Limited (L&T) for Green Hydrogen Business. A 7 KTPA Green Hydrogen capacity is under development at the Panipat refinery. A demonstration facility for hydrogen dispensing at Gujarat Refinery has been installed using the hydrogen from the refinery unit. The Indian Oil R&D Centre is also fully oriented towards developing low-carbon technologies and products.

Biofuels

Indian Oil has already made deep forays into the biofuel space. Various Biofuels projects and initiatives in Ethanol, Bio-Diesel, Compressed Bio Gas (CBG), Organic Manure, Sustainable Aviation Fuel (SAF) and Waste to Energy are being implemented. Indian Oil has set up its paddy straw-based 2G Ethanol plant and refinery off-gas-based 3G Ethanol Plants at Panipat. Indian Oil has commissioned 20 CBG Plants under the SATAT initiative. CBG is also being sold by the PSU from 41 retail outlets across India under the brand name IndiGreen, said the statement.

Indian Oil has also set up 100 tons per day of cattle dung to CBG Plant in Jaipur, Rajasthan and a 200 TPD mixed waste (paddy straw, press mud, cattle dung) to CBG Plant in Gorakhpur, UP. Indian Oil is also expanding its bouquet of greener products with innovative solutions like IndiGreen, XP95, XP 100, Xtragreen, Xtra Tej, SERVO Raftaar, etc.

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