NTPC Green Energy Limited (NGEL) and Indian Oil Corporation Limited (IOCL) have signed an agreement to establish renewable energy projects to meet the 24-hour power needs of IOCL refineries. The JV agreement was signed in the presence of NTPC Limited Chairman and Managing Director Gurdeep Singh and IOCL Chairman Shrikant Madhav Vaidya, among others. “With the signing of this joint venture agreement between the two behemoths, NTPC Limited and IOCL will be able to meet the government’s clean energy targets in their respective core businesses,” NTPC said in a statement.
To aggressively pursue its green energy business, NTPC Ltd, through its wholly-owned subsidiary, NGEL, has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade.