NTPC and IndianOil 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 the 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”.
