By Business India Editorial

NTPC and Indian Oil Corporation (IOC) have signed an agreement for the formation of a joint venture company for meeting the power requirements of upcoming projects of IOC refineries.

Unified in the purpose of increasing the usage and capacity of renewable energy sources in the country, the state-run corporations teamed up setting-up renewable energy-based power plants for IndianOil refineries.

Going forward, NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, will form the JV company for supply of RE-RTC power to IndianOil. NGEL will be an umbrella company for consolidating NTPC's total renewable energy businesses.

IndianOil plans to meet the additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650MW by December 2024 through this JV.

Earlier, the state-run power giant NTPC’s arm, NTPC Renewable Energy Ltd (NREL), had signed a memorandum of understanding with the Rajasthan government to develop 10 GW ultra mega renewable energy power parks (UMREPP) in the state.

The power PSU in a statement had said that NTPC Group has set a target of 60 GW renewable energy capacity by 2032.

“As a step towards achieving this target, the NTPC Renewable Energy Ltd (NTPC REL), a wholly-owned subsidiary of NTPC, has signed a memorandum of understanding with Government of Rajasthan for development of 10 GW Ultra Mega Renewable Energy Power Park in Rajasthan,” it said.