Indian Oil Corporation has finalized the Levelized Cost of Hydrogen (LCOH) for a 10,000 tonnes per annum (TPA) green hydrogen generation unit at its Panipat Refinery and Petrochemical Complex. The plant is expected to be commissioned by December 2027 and will replace fossil-derived hydrogen in refinery operations, resulting in a substantial reduction in carbon emissions.

Project Details

The green hydrogen project marks Indian Oil's entry into the green hydrogen space and is the largest-ever green hydrogen project in India to date. The project is fully aligned with the Prime Minister's vision for the National Green Hydrogen Mission and is a strategic initiative under Indian Oil's decarbonization roadmap.

Renewable Energy Portfolio

Indian Oil Corporation is one the top green hydrogen companies in India and is consolidating its current green energy assets while expanding into new areas, including biofuels, carbon offset initiatives, carbon capture, and green hydrogen. The company's existing renewable energy portfolio totals 238.70 MW, comprising 167.6 MW of wind and 71.10 MW of solar capacity. Indian Oil aims to scale up to 31 GW of renewable energy capacity by 2030 and achieve net-zero operational emissions by 2046.

Investment and Expansion

Last month, Indian Oil Corporation's Board approved an additional equity investment of INR 1,086 crore in its subsidiary, Terra Clean, to develop 4.3 GW of additional renewable energy projects. This investment is part of the company's efforts to expand its presence in the renewable energy sector and reduce its carbon footprint. With the completion of the green hydrogen plant, Indian Oil will take a significant step towards achieving its sustainability goals.

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