Indian Oil Corporation to Invest INR 1,660.15 Crore in Renewable Energy Joint Venture
The decision came during a recent board meeting, and marks a significant step in expanding renewable energy infrastructure in India.
October 16, 2023. By News Bureau
The decision came during a recent board meeting, and marks a significant step in expanding renewable energy infrastructure in India.
In June, Indian Oil and NTPC Green Energy Ltd, a wholly-owned subsidiary of NTPC Ltd, formed a 50:50 joint venture, IndianOil NTPC Green Energy Pvt Ltd, with the objective of setting up renewable energy projects to cater to the 24x7 power requirements of IOC's refineries.
The primary focus of IndianOil NTPC Green Energy Private Limited is to develop renewable energy-based power projects, including solar PV, wind, energy storage, and other renewable sources. These projects aim to ensure a continuous and reliable power supply to meet the energy needs of new IOC refinery projects.
The joint venture's ultimate goal is to generate a minimum capacity of 650 MW of round-the-clock renewable power, thereby contributing to the sustainability of IOC's refineries.
Indian Oil's commitment to green energy extends beyond this joint venture. The company aims to consolidate its green assets under one umbrella for improved synergy and has set an ambitious target of building a renewable energy portfolio of 3 GW and producing 0.6 million tonnes of biofuels by 2025.
Currently, Indian Oil's renewable energy portfolio stands at 239 MW, with ongoing expansion efforts in wind, solar, hydel, and pumped hydro projects.
Collaborating with NTPC, Indian Oil is set to boost its renewable energy capacity by approximately 2.8 GW, aligning with India's broader renewable energy goals and the global transition toward sustainable energy sources.
please contact: contact@energetica-india.net.
Rahul Tarani, Founder & CEO
Managing Director
Standard Skkytop’s Commitment to Sustainability Drives Cutting-Edge Solar Technologies
Ragavendra Ravichandran
Co-Founder
Plugzmart Addressing EV Charging Bottlenecks in India with Smart Chargers
Prashant Singh
Co-Founder and CEO
Exploring E-Waste-to-Energy: Promising Technologies for Sustainable Power Generation
Manjula Girish
Business Head, EV Charging and Photovoltaic Inverter Division
Driving Sustainability: Delta Electronics' Vision for Renewable Energy and EV Charging
Dhiman Roy
CEO and Director
Breaking Barriers in Green Hydrogen: GreenH Electrolysis’ Vision for Industrial Decarbonisation