Copyright © HT Digital Streams Limit all rights reserved. Terra Clean was erected in May 2024 as a full -fledged unit of Indian oil and plans to install 5.3 GW renewable energy capacity. (Reuters) Summary This is the first acquisition of Indian Oil Corp. in space for renewable energy. The proposed agreement involves primary and secondary share transactions, providing a partial exit for the stakeholders of the fourth partner, including the World Bank and the Asian Development Bank. New -delhi: Indian Oil Corp., the country’s largest rough -oil refinery, plans to acquire a 50% stake in the fourth partner of the renewable energy firm. Ltd. (FPel) by its subsidiary Terra Clean Ltd in an agreement with an estimated share value of approximately $ 400 million, according to two people who are aware of the development. The agreement, if it goes forward, will be the first acquisition of oil marketing business in the green energy space. It will be a mixture of primary and secondary share transactions and will provide a partial exit to the stakeholders of the fourth partner of Hyderabad, the World Bank’s International Finance Corp (IFC), Asian Development Bank (ADB), Germany’s Deutsche Investitions- Und entwicklungsegschaft (DEG), TPG Capi Rise Fund, and Norfund. “The subsidiary of Indian Oil’s subsidiary for renewable energy, Terra Clean Ltd, is in discussions about an interest in fourth partner -energy. However, nothing was finalized,” one of the two people said and asked anonymity. Terra Clean was erected in May 2024 as a full -fledged unit of Indian oil and plans to install 5.3 gigawatts (GW) of renewable energy capacity. Given the changing hydrocarbon landscape, Indian oil looked at acquisitions in the clean energy space in the background of the Ongc NTPC Green Pvt Ltd Buying National Investment and Infrastructure Fund-Fund Ayana Renewable Power Pvt Ltd. The move by domestic state-energy companies comes as Global Oil businesses, including Shell Plc, Thailand’s PTT group and Malaysia’s State-Runes, Thailand’s PTT group and Malaysia’s State State Gentari SDN BHD establishes a presence in India’s green energy sector. A spokesman for the fourth partner declined to comment. A spokesman for the Indian oil did not respond to inquiries on Monday night. “At this stage we have no comments to comment,” said Terra Clean (CEO Terra Clean CEO Atul Parmar said in ‘Ne -Post -Pos. “For confidentiality reasons, we cannot comment on business activities in individual cases,” a Deg spokesman said in ‘Ne -mail -answer. “I am afraid that we would give it a pace, given the speculative nature of the query,” a IFC spokesman said in ‘NE -mail -answer. Spokesmen from TPG, ADB and Norfund declined to comment. Overseas Operations Fourth Partner has 1.5 GW installed green energy capacity, with 2GW wind and solar projects developed. With operations in Vietnam, Bangladesh, Sri Lanka and Indonesia, the fourth partner plans to reach an installed capacity of 3.5 GW by 2025. IFC, ADB and Deg announced a $ 275m shares in the fourth partner in August last year. IFC has invested $ 125 million, ADB has applied $ 100 million and DEG raised $ 50 million. With an investment of $ 145 million, Norfund is the largest investor in the fourth partner. Indian oil plans to develop 31GW of renewable energy capacity by the end of this decade and put the building blocks in place. In response to an inquiry about ongc and NTPC buying out green -energy enterprises, Indian oil chairman and managing director Arvinder Singh Singh Sawhney said in an earlier interview: “Yes, we are also on the lookout, and we will also go forward.” In May this year, Indian Oil announced a £ 1,086 crore investment in Terra Clean to develop 4.3 GW renewable energy capacity. Earlier, the company approved £ 1,303.75 crore for the development of 1GW green power capacity by Terra Clean. In 2023, the company formed a joint enterprise Indianoil NTPC Green Energy Pvt Ltd-with NTPC Green Energy Ltd to set up renewable projects to meet the power requirements of the refineries. With 10 refineries, Indian Oil has a refinement capacity of 70.25 million tonnes per year (MTPA). Considering the additional 10.5 MTPA capacity of the group enterprise Chennai Petroleum Corp., it has a total of 80.75 MTPA, which accounts for 31% of the country’s overall refining capacity of 258.1 MTPA. C&I Projects Fourth Partner provides for the commercial and industrial (C&I) segment, which has attracted strong investor interest, given the regulatory landscape that supports space with rules that allow great power users to get energy from the open market, rather than the more expensive network. C&I projects have also been protected from risks such as limiting power acquisition by state-owned power distribution firms. The implementation of the time-of-day tariffs for large C&I category consumers by state electricity regulatory commissions has also helped the importance of investors. With the time-of-day rates, the cost of electricity changes, depending on when consumed-and the peak, out-of-peak or normal hours. There are different green energy transactions in India, given the extent of opportunities that provide space. India has an installed renewable energy capacity of 245GW, of which solar and wind power constitutes 116GW and 52GW respectively. India plans to add 50GW green energy capacity annually to reach by 2030 500GW. Given the country’s green-energy transition track and the net-zemia target by 2070, the plan is to add 1,800 GW of renewable energy capacity at 2047 and 5,000 GW by including 2070 transactions, such as by Mints-Fufj-financial group of $ 1 billion, the Vena energy, which was included by Morgan Stanley and Inc. in October. European alternative asset manager EQT has dropped a plan to sell renewable developer Zelestra’s Indian operations and transfer it to the Asia Pacific Instead Instead. EQT will invest approximately $ 600 million to develop the portfolio and brought Paraga Sharma, former CEO and founder of EQT and Themesse-Assanced O2 power, to the head of the company, to established CEO Sajay KV Sembcorp Industries Ltd, Torrent Power Ltd, inoxgfl replace, and the general Atlantic Atlantic Actis LLP is from half-green Energy Services Ltd and General Atlantic Biders to make the necessary caution to make Macquarie Asset Management Green Investment Group (GIG) platform live energy in a transaction that has coded the project. Catch all the corporate news and updates on live currency. Download the Mint News app to get daily market updates and live business news. More Topics #indian Oil #indian Oil Corp #indian Oil Corporation #Renewable Energy #Renewable Power Read next story
Indian Oil Unit Terra Clean In Conversations To Buy 50% Interest in Fourth Partner Energy
