In a significant development in India’s renewable energy sector, Oil India Limited (OIL), a Maharatna CPSE under the Ministry of Petroleum & Natural Gas, has partnered with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), a state government enterprise, to form a new joint venture. This collaboration, formalized through a Joint Venture Agreement (JVA) signed in Jaipur, aims to spearhead the development of renewable energy projects within the state.
The newly established Joint Venture Company (JVC) will focus on setting up projects totaling 1.2 gigawatts (GW) of renewable energy, split into 1000 megawatts (MW) of solar power and 200 MW of wind energy. These installations will be located in RVUNL’s Renewable Energy Park in Rajasthan.
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The JVA was officially signed by Shri Devendra Shringi, Chairman & Managing Director of RVUNL, and Shri Ranjan Goswami, Executive Director (Business Development) of OIL. The signing ceremony was witnessed by key figures including Shri Ajitabh Sharma, Principal Secretary Energy, Rajasthan and Shri Trailukya Borgohain, Director (Operations), OIL.
The collaboration between OIL and RVUNL is expected to leverage the distinct capabilities of both organizations: OIL’s expertise in the energy sector and RVUNL’s extensive experience in power project development. The joint venture will not only focus on solar and wind energy but also explore green hydrogen and other renewable initiatives aimed at providing clean energy to Distribution Companies (DISCOMs) and commercial entities.
OIL’s Broader Strategy on Renewable Energy
To further its commitment to sustainable energy, OIL has initiated OIL Green Energy Limited (OGEL), a wholly-owned subsidiary dedicated to advancing its clean energy objectives. OGEL is actively diversifying its portfolio to include renewables, compressed biogas (CBG), energy storage, and green hydrogen technologies. This strategic move is in line with OIL’s ambitious plan to achieve net-zero carbon emissions by 2040, ensuring both environmental sustainability and economic returns.
The establishment of this joint venture is a pivotal step towards enhancing India’s renewable energy capabilities, driving innovation, and supporting the country’s transition to a greener energy landscape. This initiative is expected to make significant contributions to achieving national renewable energy goals and fostering a sustainable future.
This partnership not only underscores the growing importance of renewable energy in India’s overall energy strategy but also highlights the potential for innovative collaborations between government entities and major industry players in accelerating the shift towards a low-carbon economy.
