State-owned Oil India’s board of directors has approved the formation of a 50:50 joint venture (JV) with Rajasthan Rajya Vidyut Utpadan Nigam to develop renewable energy projects.

The board also approved the transfer of renewable energy assets to its wholly owned subsidiary, OIL Green Energy, at the book value of the respective assets as of the closing date of the power purchase agreements, as determined by the provisions of the business transfer agreement to be executed.

OIL Green Energy was set up in January this year to generate energy through non-conventional or renewable sources, including wind, hydro, solar, tidal, geothermal, biomass, steam, wave, and waste.

As of March 31, 2025, Oil India’s total installed renewable energy capacity was 188.1 MW, comprising 174.1 MW from wind and 14 MW from solar energy. The operations are spread across Rajasthan, Madhya Pradesh, Gujarat, and Assam. During the financial year 2025, the company generated revenue of ₹1.12 billion (~$12.68 million) from its renewable energy projects.

To develop green energy infrastructure in India’s northeast, Oil India established another JV company, APGCL OIL Green Power, in collaboration with Assam Power Generation Corporation. In this JV, APGCL holds a 51% stake, while OIL India holds 49%.

APGCL OIL Green Power has identified primarily power projects of a total capacity of 645 MW in Assam. The foundation stone for the initial 25 MW Solar project in Namrup, Assam, was laid on June 14, 2024.

Oil India plans to commission 5 GW to 5.5 GW of renewable energy capacity by 2040, incorporating wind, solar, and other sustainable energy sources.

Oil India had earlier commissioned a green hydrogen pilot project, with an installed capacity of 10 kg per day at its Jorhat Pump Station in Assam. The plant produces green hydrogen from the electricity generated by the existing 500 kW solar project using a 100 kW anion exchange membrane electrolyzer array.