NTPC and Indian Oil have signed an agreement for the formation of a joint venture company for meeting the power requirements of upcoming projects of Indian Oil refineries. Unified in the purpose of increasing the usage & 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, Indian Oil Corp, said, “It is indeed a powerful statement, as two fossil fuel giants of the country – Indian Oil & NTPC - join hands for changing their path towards green energy. 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 Indian Oil. NGEL will be 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 December 2024 through this JV.