Modi Lures India’s Top Fossil Fuel Companies to Back Solar Boom
- IOCL, Oil India and ONGC are investing in clean energy
- Modi targeting 175 gigawatts of clean energy by 2022
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India’s biggest energy companies are moving beyond their roots in fossil fuels to invest in renewables, backing Prime Minister Narendra Modi’s goal to build up alternatives to the most polluting forms of energy.
Indian Oil Corp., a prominent refiner, along with Oil India Ltd., are working to build a 1-gigawatt solar farm in Madhya Pradesh, according to the state agency responsible for implementing energy policy. The oil companies join India’s largest conventional electricity generators like NTPC Ltd. and Tata Power Co., which are aiming to be the biggest players in clean energy.