Indian Oil Corporation (IOCL) plans to invest Rs one lakh crore to build a green energy portfolio of 18 GW by 2030.

The company intends to acquire around 12 GW of renewable energy assets and develop an additional six GW through organic growth. Indian Oil’s renewable energy subsidiary, Terra Clean, is also set for a public listing by 2027-28, with expectations to scale its renewable assets by then. Terra Clean has already received approval to develop four GW of capacity, while a further two GW is being executed through a joint venture with NTPC.

A S Sahney, Chairman of Indian Oil, stated, "We are on the lookout and evaluating certain cases" for renewable asset acquisitions, aiming to achieve 10-12 GW over the next four to five years. Despite the significant cost of renewable capacity, the company plans to allocate Rs 5,000 crore annually for this transition, which it can comfortably fund alongside its regular capital expenditure.