New Delhi: State-run NLC India Limited (NLCIL) has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) to jointly develop large-scale renewable energy projects in Tamil Nadu, marking a significant step towards strengthening India's clean energy transition.
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The agreement envisages the formation of a joint venture for the development of renewable energy projects, including solar, wind and hybrid power projects, with or without energy storage systems such as battery energy storage and pumped storage projects.
The MoU has been signed in New Delhi by NLCIL's Chief General Manager (Commercial and Business Development) Anurag Mittal, and Indian Oil's Chief General Manager (Alternate Energy) Manoj Nanda in the presence of senior officials from both companies, including NLCIL Director (Finance) Dr Prasanna Kumar Acharya and IOCL Director (Planning & Business Development) Suman Kumar.
The proposed joint venture will explore opportunities for supplying renewable power to commercial and industrial consumers, distribution companies, power exchanges and e-mobility applications. The collaboration will also focus on green synthetic fuels and chemicals, solar module manufacturing value chains and other emerging opportunities in the renewable energy sector in Tamil Nadu, subject to techno-commercial feasibility.
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NLC India CMD Prasanna Kumar Motupalli said the partnership with IOCL represents a significant milestone in the company's strategic diversification into clean and sustainable energy sectors. He emphasized the importance of developing renewable energy projects across various technologies, including solar, wind, hybrid systems, battery energy storage, pumped hydro storage and green hydrogen.
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