Oil companies floating two SPVs for green projects

State-run oil companies will join hands with Solar Energy Corporation of India and Indian Renewable Energy Development Agency under the ministry of new and renewable energy for two special purpose vehicles to set up large-scale solar and wind power projects in India and abroad.

Oil and Natural Gas Corporation along with Oil India Ltd, GAIL and Engineers India Ltd will join the two solar energy entities to form a joint venture for big grid-connected projects.

A second entity will be led by IndianOil Corporation for setting up off-grid projects using advanced technologies. This SPV will also include Bharat Petroleum Corporation and Hindustan Petroleum Corporation.

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