NHPC signs MoU with Indian Oil to develop pumped storage and renewable energy projects

New Delhi: In a significant step towards accelerating India’s transition to clean energy, NHPC Limited has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited (IOCL) to jointly explore and develop Pumped Storage and other Renewable Energy Projects, both in India and abroad.

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The MoU was signed on June 27, by NHPC Limited's Executive Director (SBD&C) Rajat Gupta and Indian Oil's Executive Director (SD) Pravin Dongre. The signing ceremony was held in the presence of senior officials from both organisations, including NHPC CMD RK Chaudhary, Director (Finance) RP Goyal, Director (Technical) Suprakash Adhikari and GM (SBD&C) Suprakash Adhikari along with Indian Oil's Director (P&BD) Suman Kumar and Chief General Manager (SD) Manoj Nanda.

The partnership aims to foster long-term collaboration between the two public sector giants for the development of Pumped Storage, Hydroelectric, and other Renewable Energy projects through a joint venture model. The alliance is expected to open new avenues for expanding the renewable energy portfolios of both NHPC and IOCL, contributing to India’s ambitious clean energy targets and enhancing energy security.

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