Through the merger, NTPC plans to help IOCL set up energy renewable projects of 2.8 to 3 GW, The renewable energy generated from these projects will be used to power IOCL’s refineries.
NGEL, the renewable energy (RE) subsidiary of Indian energy producer NTPC Limited, signed a memorandum of understanding on March 20 with Indian Oil Corporation Limited (IOCL), the country’s largest producer, for the implementation of the project fresh energy to meet the environment. -Time-clock (RTC) power requirement of IOCL’s refineries.
“The signing of this joint venture agreement between the two Maharatna behemoths will help NTPC Limited and Indian Oil achieve India’s clean energy goals in their respective businesses. The MoU was signed in the presence of Gurdeep Singh, CMD, NTPC Limited, Shrikant Madhav Vaidya, Chairman, IOCL, among other officials from the two PSUs,” said an NTPC spokesperson.
NTPC Limited, through its subsidiary NGEL, has set an ambitious target of building a 60 GW renewable energy portfolio over the next decade to strengthen its pursuit of green energy projects. IOCL plans to invest Rs 5 lakh crore in developing 200 GW of renewable energy capacity. It plans to build a portfolio of 3 GW of renewable energy by 2025. All this was done to achieve India’s stated goal of having 500 GW of renewable energy capacity by 2030 and going Net Zero by 2070.
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On March 15, IOCL also submitted a process monitoring document indicating that the Board of Directors has approved the establishment of a wholly owned subsidiary (WoS) in India, subject to the approval of NITI Aayog, DIPAM, etc. to work in the field of low carbon, new, clean and green business energy. The decision was taken at a board meeting on March 15. “The proposed WoS will focus on the low carbon and green energy business of Indian oil to meet the requirements of net zero and beyond,” read the brief.
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