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In a significant move towards fostering sustainable energy, Oil India Limited has formalized a joint venture agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) to develop an impressive 1.2 gigawatts (GW) of renewable energy projects in Rajasthan. The collaboration, announced on Friday, encompasses the establishment of 1,000 megawatts (MW) of solar power and 200 MW of wind capacity within RVUNL's renewable energy park.

This strategic partnership aims to merge Oil India’s extensive expertise in the energy sector with RVUNL’s deep experience in power project development, creating a framework to deliver innovative and sustainable energy solutions. The joint venture will not only focus on solar and wind energy but is also set to explore initiatives in green hydrogen and other renewables, targeting clean power supply to distribution companies and commercial customers alike.

The signing ceremony was marked by the presence of key figures, including Devendra Shringi, Chairman and Managing Director of RVUNL, and Ranjan Goswami, Executive Director of Business Development at Oil India. Their collaboration signifies a commitment to advancing India’s renewable energy landscape.

Notably, this announcement comes alongside another pact inked with Hindustan Copper Limited for the exploration and development of critical minerals, further signaling Oil India’s ambition to expand its portfolio beyond traditional oil and gas. The establishment of a wholly owned subsidiary, Oil Green Energy Limited, underscores this commitment, driving initiatives across renewables, compressed biogas, energy storage, and green hydrogen.

Through this dual approach, Oil India is positioning itself as a crucial player in India's transition towards self-reliance in both energy and strategic mineral resources, reflecting a proactive strategy in an ever-evolving energy market.