IndianOil, NTPC setting up renewables JV to power refineries

Petroleum refiner and fuel retailer Indian Oil Corporation Ltd (BOM:530965) has teamed up with the green energy business of state-run power producer NTPC Ltd (BOM:532555) to jointly develop renewable power plants.

IndianOil said in a statement on Monday that it signed an agreement with NTPC Green Energy Ltd (NGEL) to set up a 50/50 joint venture. The objective of the new firm will be to develop renewables to meet the round-the-clock power requirements of IndianOil Refineries’ upcoming projects in the country.

No details were given about specific projects.

“The energy demand of the nation is growing at a rate never witnessed before. Both IndianOil and NTPC, while retaining their core strengths, must ensure energy availability, energy affordability and energy accessibility to every Indian right up to the lowest rung of the society,” commented Shrikant Madhav Vaidya, chairman of IndianOil.

NGEL aims to reach about 10 GW of operational renewable energy capacity by fiscal 2024/25 and 60 GW by fiscal 2031/32. In January, it announced plans to develop renewables for another petroleum company – Hindustan Petroleum Corporation Ltd (HPCL).

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