Home/ Industry / Energy/  NTPC Green, IndianOil to form JV for renewable energy projects

NEW DELHI : NTPC Green Energy (NGEL), a wholly-owned subsidiary of NTPC Ltd and state-run oil marketing major Indian Oil Corporation Ltd (IOCL) will form a joint venture to set up renewable energy projects.

Both the companies have signed a joint venture agreement. A statement from the union ministry of power said that the joint venture would set up renewable energy projects to meet round-the-clock power requirement of IndianOil refineries.

The agreement was signed by Kausik Basu, ED (M&I), IOCL and V.V. Sivakumar, GM, NGEL in the presence of Gurdeep Singh, CMD, NTPC Ltd, Shrikant Madhav Vaidya, Chairman, IOCL.

NTPC Ltd, through its wholly owned subsidiary, NGEL, has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade to aggressively pursue its green energy business.

The statement said that the signing of this joint venture agreement between the two public sector behemoths will enable NTPC and IndianOil to meet the Centre’s clean energy targets in their respective core businesses.

D.K. Patel, Director (HR), NTPC Ltd, U.K. Bhattacharya, Director (Projects), NTPC, Jaikumar Srinivasan, Director (Finance), NTPC, Sukla Mistry, Director (Refineries), IOCL and other senior officials from NGEL, NTPC REL, and IOCL were present on the occasion.

Both NTPC and IndianOil have of late taken steps to boost renewable energy. IndianOil aims to reach net zero carbon emission by 2046. Recently, its board approved the setting up of a separate vertical to house the energy major’s renewable energy businesses. It aims to build a portfolio of 3 GW renewable energy and 0.6 million metric tonnes biofuels by 2025 and 200 GW renewable energy, 7 MMT biofuels and 9 MMT biogas by 2050.

NTPC too has been making major investments in the renewable front. The agreement between NGEL and IndianOil comes days after the cabinet committee on economic affairs (CCEA) allowed NTPC to raise its investment in its NTPC Green Energy Ltd (NGEL).

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Updated: 20 Mar 2023, 09:24 PM IST
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