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NTPC Subsidiary NGEL Ties up with Indian Oil for Renewable Energy Projects

The joint venture agreement was signed in the presence of Gurdeep Singh, CMD, NTPC Limited, Shrikant Madhav Vaidya, Chairman, IOCL, in the middle of leading officials of the two PSUs.

March 21, 2023. By Nivedita Ojha

NGEL is the renewable energy subordinate of NTPC Limited, has inked a joint venture agreement with Indian Oil Corporation Limited (IOCL), for establishing renewable energy projects to fulfil the non stop power need of refineries of IOCL.

The inking of this joint venture agreement between the two entity will enable NTPC Limited and Indian Oil to fulfil nation’s clean energy goals in their own key businesses.

The joint venture agreement was signed in the presence of Gurdeep Singh, CMD, NTPC Limited, Shrikant Madhav Vaidya, Chairman, IOCL, among other leading officials of the two PSUs.

NTPC Limited, through its wholly owned subsidiary NGEL, has put an aspirational goal of constructing a renewable production operational profile of 60 GW in the next decade to ambitiously follow its renewable energy business.

IOCL proposes to invest INR 5 lakh crore into laying in place 200 GW of renewable energy potential. It plans to construct a portfolio of 3 GW RE by the year 2025.

IOCL also made a regulatory documentation discussing that its board has authentically confirmed the making of a wholly owned subsidiary (WoS) in India, to work in the domain of low carbon, new, clean and green energy businesses.
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