Indian Oil Corporation Limited (IOCL) has approved an additional equity investment of Rs 10.86 billion in its wholly owned subsidiary, Terra Clean. This funding is intended to support the development of 4.3 GW of renewable energy capacity, expanding on the earlier approved 1 GW capacity. Terra Clean had previously received an initial equity investment of Rs 13.03 billion in April 2024 to facilitate the development of its first 1 GW of renewable energy capacity.
The establishment of Terra Clean is part of IOCL’s broader strategy to consolidate its green energy initiatives under a single dedicated entity. The company aims to streamline resources and encourage innovation in renewable energy development. IOCL is planning to install 1 GW of renewable energy projects comprising standalone ground-mounted solar, standalone onshore wind, or wind-solar hybrid systems, with an estimated cost of Rs 52.15 billion.
IOCL is also integrating its current green assets and entering new segments such as biofuels, carbon offset mechanisms, carbon capture, and green hydrogen. Its present renewable energy portfolio includes 238.70 MW of capacity, with 167.6 MW from wind and 71.10 MW from solar. Furthermore, the company aims to install 31 GW of renewable energy capacity by 2030 and achieve net zero operational emissions by 2046.
