OIL and RVUNL Sign JVA for 1.2 GW Renewable Energy Projects in Rajasthan.

Oil India Limited (OIL), a Maharatna Central Public Sector Enterprise under the Ministry of Petroleum & Natural Gas, and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), a state power utility, have signed a Joint Venture Agreement (JVA) in Jaipur to form a Joint Venture Company (JVC). The JVC will develop 1.2 GW of renewable energy projects, including 1,000 MW of solar and 200 MW of wind power, within RVUNL's Renewable Energy Park in Rajasthan.

The agreement was signed by Shri Devendra Shringi, Chairman & Managing Director of RVUNL, and Shri Ranjan Goswami, Executive Director (Business Development) of OIL, in the presence of Shri Ajitabh Sharma, Principal Secretary Energy, Rajasthan, and Shri Trailukya Borgohain, Director (Operations), OIL.

The partnership aims to combine OIL’s expertise in the energy sector with RVUNL’s experience in power project development to deliver sustainable energy solutions. The JVC will focus on solar, wind, green hydrogen, and other renewable initiatives, supplying clean power to distribution companies (DISCOMs) and commercial customers.

To support its clean energy ambitions, OIL has established a wholly owned subsidiary, OIL Green Energy Limited (OGEL), which leads its efforts in renewable energy, compressed biogas (CBG), energy storage, and green hydrogen. This initiative aligns with OIL’s target of achieving net-zero carbon emissions by 2040 while maintaining sustainable growth.

The joint venture marks a significant milestone in advancing India’s renewable energy goals, promoting innovation, and contributing to a cleaner, sustainable future.