Indian Oil Corporation (IOCL) has announced plans to acquire five to six GW of solar and wind power projects as part of its strategy to expand its renewable energy portfolio. The company targets adding 31 GW of renewable energy capacity by 2031 through organic growth, joint ventures, and mergers and acquisitions.

IoCL’s current renewables capacity stands at 246.94 MW. The company established a wholly owned subsidiary, Terra Clean, in 2024 to drive clean energy operations, aiming to develop one GW of renewables with a Rs 5,000 crore investment. A tender for the first one GW is underway, with an additional four GW in progress. IoCL also collaborates with NTPC Green Energy (NGEL) and has signed agreements with various renewable energy companies.

As part of its Rs two lakh crore clean energy investment plan, IoCL aims to achieve net-zero operational emissions by 2046.

By 2030, the company targets 31 GW RE capacity, four MT of biofuels, and one MT of biogas, scaling to 200 GW, seven MT of biofuels, and nine MT of biogas by 2050. Additionally, IOCL is partnering with LanzaJet and Praj Industries to establish sustainable aviation fuel (SAF) infrastructure.