Aug 17 2010
IOC (Indian Oil Corporation) is all set to diversify into the renewable energy sector. The company has earmarked investment funds to the extent of $430 million over the next five years into clean energy.
IOC is looking forward towards developing tidal energy, solar energy and wind energy meant for commercial sale of energy while seeking to enter into a joint venture along with Nuclear Power Corporation of India for utilizing investment opportunities arising from the nuclear deal between the U.S. and India.
IOC is already into the process of generating power through wind energy sources for captive use. The company is intending to venture into the commercial sales of generated power, either to the power grid itself or to various power exchanges. In this regard, IOC is looking out for suitable sites in Tamil Nadu and Rajasthan for establishing wind and solar energy plants.
IOC has registered for installing rooftop solar systems along with feed-in tariff schemes for ensuring higher revenues on account of higher tariff rates. The National Solar Mission aims at installing solar energy to the extent of 20,000 MW capacity by 2022. During the mission’s first phase, 1,000 MW capacity of solar energy systems are expected to be installed. Moreover, the central government of India intends to introduce the REC (Renewable Energy Certificate) scheme that is likely to work in a much similar manner to the Clean Development Mechanism.
Source: http://www.iocl.com/