NTPC Green Energy inks pact with Indian Oil for RE projects

New Delhi: NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, has signed a Joint Venture Agreement on Monday with Indian Oil Corporation (IOCL) for setting up of renewable energy projects to meet round-the-clock power requirement of Indian Oil refineries.

The joint venture (JV) agreement was signed in the august presence of NTPC’s Chairman & Managing Director (CMD) Gurdeep Singh, Indian Oil’s Chairman Shrikant Madhav Vaidya, NTPC Limited’s Director (HR) DK Patel, NTPC Limited’s Director (Projects) UK Bhattacharya, NTPC Limited’s Director (Finance) Jaikumar Srinivasan, Indian Oil’s Director (Refineries) Sukla Mistry and along with other senior officials from NGEL, NTPC REL, and Indian Oil.

NTPC Limited, through its wholly owned subsidiary, NGEL, has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade to aggressively pursue its green energy business.

The signing of this joint venture agreement between the two Maharatna behemoths will enable NTPC Limited and Indian Oil to meet the Government of India's clean energy targets in their respective core businesses.

The joint venture agreement has been signed by Indian Oil’s Executive Director (M&I) Kausik Basu, and NGEL’s General Manager VV Sivakumar at NTPC’s Corporate Centre, SCOPE Complex, New Delhi.

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