Key Points of Indian Oil & NTPC Green Energy Joint Venture for Renewable Power Plants:
- Indian Oil and NTPC Green Energy have formed a joint venture to develop renewable energy power plants in India.
- The joint venture will focus on meeting the power requirements of Indian Oil Refineries’ new projects in the country, in line with India’s decarbonisation push.
- NTPC Green Energy Limited is a 100% subsidiary of NTPC, a major power company in India with a presence across the entire value chain of power generation.
- The joint venture brings together NTPC’s expertise in renewable energy with Indian Oil’s credentials in petroleum refining and energy.
- The move is part of the companies’ commitment to a net-zero journey and replacing fossil fuel-based energy with renewable energy to green their operations.
- NTPC Green Energy Limited aims to be a flag-bearer of NTPC’s renewable energy journey, targeting a rapid capacity enhancement reaching 10 GW operational capacity by FY25.
- The joint venture will scale up to achieve a larger target of 60 GW by FY32, contributing to India’s push towards renewable energy adoption.
Key Points of Indian Oil & NTPC Green Energy Joint Venture for Renewable Power Plants:
Indian Oil & NTPC Green Energy join hands to develop renewable energy power plants
Indian Oil and NTPC Green Energy Limited have signed a joint venture agreement to form a new company aimed at developing renewable energy power plants in India.
The joint venture will focus on meeting the round-the-clock power requirements of Indian Oil Refineries’ new projects in the country, in line with India’s decarbonisation push. The two companies will hold an equal stake in the proposed venture.
NTPC Green Energy Limited is a 100% subsidiary of NTPC, a dominant power major in India with a presence across the entire value chain of power generation. The joint venture is a synergistic alliance that brings together NTPC’s expertise in the renewable energy sector with Indian Oil’s established credentials in petroleum refining and its presence across the energy spectrum.
The move is in line with the companies’ commitment to a net-zero journey, and will replace fossil fuel-based energy with renewable energy to green their operations. NTPC Green Energy Limited aims to be the flag-bearer of NTPC’s renewable energy journey, with a rapid capacity enhancement reaching 10 GW operational capacity by FY25, and scaling up to achieve a larger target of 60 GW by FY32.
About Indian Oil:
The Indian Oil is a centrally owned public sector undertaking in India, under the purview of the Ministry of Petroleum and Natural Gas, which has its headquarters in New Delhi. As a public sector undertaking, its operations fall under the jurisdiction of the Ministry of Petroleum and Natural Gas.
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