NLC India, IOCL Sign MoU to Form JV for Renewable Energy Projects in Tamil Nadu

NLC India (NLCIL) has signed a memorandum of understanding (MoU) with Indian Oil Corporation (IOCL) for the formation of a joint venture (JV) for the establishment of renewable energy power projects in Tamil Nadu.
 
The projects will include solar, wind and hybrid power projects, with or without energy storage such as battery storage and pumped storage projects, or any combination of the same. The projects are intended for the supply of renewable power to third-party consumers, commercial and industrial (C&I) consumers, Discoms and energy exchanges.
 
The projects may also supply power to applications such as the usage and production of green synthetic fuels and chemicals, and a complete value chain for solar module manufacturing in the state.
 
The MoU was signed by Anurag Mittal, Chief General Manager, Commercial and Business Development, NLCIL and Manoj Nanda, Chief General Manager, Alternate Energy, IOCL.
 
Commenting on the development, Prasanna Kumar Motupalli, Chairman and Managing Director, NLC India, stated that the partnership with IOCL marks a significant milestone in NLCIL's strategic diversification into clean and sustainable energy sectors and emphasised the development of renewable energy projects using various technologies for solar, wind, hybrid, BESS, PSP, green hydrogen and any new potential RE technology emerging in future.
 
NLCIL has also been actively expanding into large-scale renewable and green energy initiatives, including solar, wind, pumped hydro storage, battery energy storage systems (BESS), green hydrogen, low-carbon round-the-clock power and waste-to-energy projects, stated the company.