Indian Oil, NTPC Green form joint venture for setting renewable power plants

21 Mar 2023 , 01:33 AM

In order to support India’s decarbonization efforts, Indian Oil Corporation Ltd. (Indian Oil), the country’s leading refinery and fuel retailer, and NTPC Green Energy Limited (a 100% subsidiary of NTPC, India’s largest power utility), announced the signing of a Joint Venture Agreement for the formation of a Joint Venture (JV). 

The JV will be formed to develop Renewable Energy (RE) Power plants to meet the round-the-clock power requirements of new Indian Oil refineries in India.

The joint venture is a synergistic alliance that combines the strong credentials of NTPC, a dominant power major in India with a presence across the entire value chain of the power generation business, and Indian Oil’s established expertise in petroleum refining, as well as its presence across the energy spectrum.

According to Shrikant Madhav Vaidya, the Chairman of Indian Oil, the nation’s energy demand is increasing at an unprecedented rate. To ensure that every Indian, including those at the bottom of the social ladder, has access to affordable and available energy, Indian Oil and NTPC must combine their strengths while retaining their individual identities.

Vaidya hopes that this joint venture between two of India’s energy giants will set a positive example for the rest of the world to follow. 

NGEL intends to accelerate NTPC’s renewable energy journey by rapidly expanding its capacity to generate electricity from renewable sources, with the aim of reaching 10 GW by 2024-25 and ultimately achieving a much larger target of 60 GW by 2031-32.

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