NLC India Limited has signed a memorandum of understanding (MoU) with Indian Oil Corporation Limited (IOCL) for the formation of a joint venture (JV) to develop renewable energy projects in Tamil Nadu.
The proposed JV will develop large-scale renewable energy projects, including solar, wind and hybrid power projects, with or without energy storage systems. The projects will cater to third-party consumers, commercial and industrial customers, discoms, power exchanges and e-mobility applications. The collaboration will also explore opportunities in green synthetic fuels and chemicals, solar module manufacturing and other renewable energy businesses, based on techno-commercial feasibility and mutual agreement.