NTPC ties up with Indian Oil for renewable energy

NTPC and Indian Oil Corporation Ltd signed an agreement for the formation of a joint venture company for meeting the power requirements of upcoming projects of IndianOil refineries.

A statement from NTPC said that, with the common goal of increasing the usage and capacity of renewable energy sources in the country, the state-run corporations teamed up setting-up renewable energy-based power plants for Indian Oil refineries.

Gurdeep Singh, CMD, NTPC said: “The joint venture between the two energy majors for a common purpose is a classic example of teamwork and collaboration for others to follow.”

Shrikant Madhav Vaidya, Chairman, IndianOil said that the two Maharatna PSUs can now leverage their capabilities to push forward the green growth agenda.

Going forward NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC, will form the JV Company for supply of RE-RTC power to IndianOil. NGEL will be an umbrella company for consolidating NTPC’s total renewable energy businesses.

IndianOil plans to meet the additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650MW by Dec 2024 through this JV.