National
Indian Oil Corporation to invest Rs 25,000 cr in green energy
New Delhi: Indian Oil Corporation (IOC), the nation’s largest refiner and fossil fuel plans to invest Rs 25,000 crore in green energy projects, including solar and wind plants, bio-fuels plants, and solar panels at filling stations. “Indian Oil has develope road map and action plan to usher in clean and green energy alternatives to mitiga risk of global warming,” the company said in its annual report. Rising environmental concerns are increasingly swaying government energy polic across the globe, prompting energy companies to invest in greener options. Over t 5-7 years, Indian Oil aims to invest Rs 2 lakh crore to “evolve into a future-ready c that provides comprehensive energy solutions to diverse user groups”, company c Sanjiv Singh said in the annual report. “Indian Oil is aggressively leveraging its R& expertise to move into horizon technologies like 2G & 3G (second and third genera ethanol, biofuels, coal gasification, hydrogen-CNG, hydrogen fuel cells, battery technologies, etc.,” he said. Indian Oil plans to scale up its solar and wind power portfolio to 260 MW by 2020 f 216 MW now, which includes 167 MW of wind and 49 MW of solar. An interesting transition is visible at more than half the company’s filling stations w solar panels are helping cut dependence on grid power. Pumps have experienced suffered from unreliable grid supply. Of the total 27,800 fuel stations, 14,173 are so MW. In 2018-19, 5,000 stations were converted to operate on solar. The biggest push is set to come in the biofuel space. “Biofuels is a space the corp the renewed policy thrust on modern bioenergy,” the company said. It plans to inve for 3G ethanol plant, and integration of refinery processes with biofuel production. It has issued letters of intent to entrepreneurs to set up 75 plants to supply 792 ton government’s sustainable alternative towards affordable transportation (SATAT) sc the next few years. https://economictimes.indiatimes.com/industry/energy/oil-gas/indian-oil-corporation-to-invest-rs-25000-cr-in-green-energy/printarticle/70744980.cms