Indian Oil, NTPC form JV for setting up of renewable energy-based power plant for refineries.

NTPC and IndianOil recently signed an agreement for the formation of a joint venture company for meeting the power requirements of upcoming projects of the later's refineries.

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, an official statement said.

The state-run corporations teamed up for setting-up renewable energy-based power plants for IndianOil Refineries, it said.

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, it 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,” NTPC CMD Gurdeep Singh said.

IndianOil chairman Shrikant Madhav Vaidya 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." He further added that “the two Maharatna PSUs can now leverage their capabilities to push forward the green growth agenda”.

ET