InvestorQ : What is the green energy joint venture between NTPC and IOCL?
Mitali Bhutta made post

What is the green energy joint venture between NTPC and IOCL?

4 weeks ago

Indian Oil Corporation has signed an agreement with NTPC to form a joint venture (JV) company to enable meeting power needs of upcoming projects of the various refineries of IOCL via renewable sources. Indian Oil will now meet additional power requirement of its refineries with the help of round-the-clock renewable energy to the tune of 650MW. This will be achieved via the joint venture by December 2024. The entire project will be executed from the NTPC side by NTPC Green Energy Limited (NGEL), the green energy driver.

What is interesting about this JV is that both IOCL and NTPC are legacy fossil fuel companies. What IOCL and NTPC have proactively decided to through this JV is to look at renewables to power the incremental output. Ths is a good start. The joint venture will set up renewable energy-based power plants for Indian Oil Corporation Refineries and help reduce their fossil fuel footprint. NGEL will catalyse the JV with IOCL for supply of RE-RTC power to Indian Oil Corporation. NGEL will consolidated all the green energy initiatives of NTPC.