NEW DELHI: Indian Oil Corporation (IOCL), refiner and fuel retailer and NTPC will form joint ventures to set up renewable energy plants in the country. The firms said the term sheet has been executed between Indian Oil and NTPC Green Energy, and the JV will be formed with 50:50 equity participation.
IOCL is expanding its portfolio in renewable energy to achieve Net Zero emissions by 2046, and its 650MW additional power requirement of new projects will be met from renewable energy. “Our present power need of IOCL refineries and petrochemical complex is 900MW, which is met from captive power plants. We have taken a conscious decision to tie up with NTPC,” said S M Vaidya, Chairman of IndianOil.