Indian Oil & NTPC Green Energy Limited on Monday, March 20, 2023, announced signing of a joint venture (JV) agreement for formation of a JV company. Through the JV agreement, the two organisations seeks to develop renewable energy power plants to meet round the clock power requirement of new projects of Indian Oil Refineries in India.
The agreement was signed in a bid to enable India’s decarbonisation push. As per the agreement, the two companies will hold equal stake in the proposed JV.
The joint venture is a synergistic alliance that brings together the credentials of NTPC which is a dominant power major in India with presence in the entire value chain of the power generation business and Indian Oil's established expertise in petroleum refining along with its presence across the energy spectrum.
The company said the best way to embark on net zero journey is to green our operations by replacing fossil fuels based energy by renewable energy.
NTPC Green Energy Limited is a 100 percent subsidiary of NTPC. It aims to aims to be the flag-bearer of NTPC’s renewable energy journey with a rapid capacity enhancement reaching to 10 GW operational capacity by FY25 and further scale up to achieve the larger target of 60 GW by FY32.
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