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Indian Oil, NTPC JV powers ahead with Rs 1,660.15 cr Investment for RE
Industry News- Oct 18,23
Collaboration is to establish renewable power plants that can provide round-the-clock power supply to IOC's refineries.
Indian Oil Corporation, the largest oil company in the country, is making a significant investment of Rs 1,660.15 crore as equity in a newly established joint venture with energy giant NTPC Ltd. This joint venture, known as IndianOil NTPC Green Energy Pvt Ltd, was formed in June as a 50:50 partnership between IOC and NTPC. The purpose of this collaboration is to establish renewable power plants that can provide round-the-clock power supply to IOC's refineries.
In a recent stock exchange filing, IOC confirmed that its board, during a meeting on October 13, approved the investment plan for the joint venture company. The board also gave the green light to an equity contribution of up to Rs 1,660.15 crore, representing IOC's 50% share in the equity capital of the joint venture.
The primary objective of this partnership is to develop renewable energy-based power projects, including solar PV, wind, energy storage, and other forms of renewable energy. These projects are designed to meet the continuous power requirements of IOC's new refinery projects. The joint venture aims to generate a minimum capacity of 650 MW of round-the-clock renewable power to fulfil the energy needs of IOC refineries.
NTPC, through its wholly-owned subsidiary NGEL, has set an ambitious goal of building a renewable generation portfolio of 60 GW over the next decade. This move is part of NTPC's aggressive pursuit of its green energy business. Furthermore, IOC has consolidated its green assets under one umbrella to enhance synergy. The company is striving to create a renewable energy portfolio of 3 GW and produce 0.6 million tonnes of biofuels by 2025. Looking ahead, IOC plans to expand its renewable energy portfolio to 35 GW by 2030 and 200 GW by 2050. Additionally, the company is increasing its capacity to produce biofuels from agricultural and municipal waste to 7 million tonnes and biogas to 9 million tonnes by 2050.
Currently, IOC's renewable energy portfolio stands at 239 MW, and it is actively expanding this capacity through various projects, including wind, solar, hydel, and pumped hydro initiatives. The company is collaborating with NTPC to add approximately 2.8 GW to its renewable energy capacity. Furthermore, IOC is in the process of solarising 20,705 petrol pumps, with an installed capacity of 121 MW. In the realm of electric vehicles, the company is intensifying its efforts by establishing 4,700 charging stations and 66 battery swapping stations.
Moreover, IOC has made significant strides in the emerging green hydrogen sector in the country. The company has established collaborations with ReNew Power Private Limited (ReNew) and Larsen & Toubro Limited (L&T) for its green hydrogen business, solidifying its presence in this promising industry.
Source: Business Standard
Indian Oil
NTPC
Joint Venture
Renewable Energy
Investment
Green Energy Projects
IOC Refineries
Round-the-Clock Power
Solar
Wind
Biofuels
Green Hydrogen
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