To meet the power requirements of upcoming projects for Indian Oil refineries, NTPC and Indian Oil signed an agreement to form a joint venture (JV) company.
NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC, will form the JV Company to supply renewable power to Indian Oil. NGEL is an umbrella company for consolidating NTPC’s total renewable energy businesses.
Indian Oil plans to meet the additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650 MW by Dec 2024 through this JV.
“Unified in the purpose 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,” 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,” Gurdeep Singh, CMD, NTPC, said.
“It is indeed a powerful statement, as two fossil fuel giants of the country - IndianOil & NTPC join hands for changing their path towards green energy,” Shrikant Madhav Vaidya, Chairman, Indian Oil, said. He added that “the two Maharatna PSUs can now leverage their capabilities to push forward the green growth agenda.”
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