Indian Oil and NEGL agree on green energy projects

NGEL, the renewable energy (RE) subsidiary of India’s largest electricity producer NTPC Limited, signed a joint venture agreement with Indian Oil Corporation Limited (IOCL), for setting up renewable energy projects to meet round-the-clock (RTC) power requirement of refineries of IOCL.

Through the JV, NTPC plans to help IOCL set up RE projects to the tune of 2.8-3 GW.

NTPC Limited, through its wholly owned subsidiary NGEL, has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade to aggressively pursue its green energy business.

IOCL plans to invest Rs 5 lakh crore into putting in place 200 GW of renewable energy capacity. It plans to build a portfolio of 3 GW RE by 2025.

IOCL also made a regulatory filing stating that its board has approved the formation of a wholly owned subsidiary (WoS) in India, subject to the approval of NITI Aayog, DIPAM etc to operate in the domain of low carbon, new, clean and green energy businesses.