NTPC and IOCL sign agreement for powering IOCL refineries with renewable energy

NTPC Limited and Indian Oil Corporation Limited (IOCL) have signed an agreement for the formation of a joint venture (JV) company for meeting the power requirements of upcoming projects of Indian Oil refineries.

NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC, will form the JV company for supply of renewable energy-round-the-clock (RTC) power to IOCL, going forward. NGEL will be an umbrella company for consolidating NTPC’s total renewable energy businesses. IOCL plans to meet the additional power requirement of its refineries using RTC renewable energy to the tune of 650 MW by December 2024 through this JV.