State run power major NHPC and Indian Oil Corporation Ltd (IOCL) have signed a memorandum of understanding to pursue joint ventures for pumped storage, hydroelectric and other renewable energy schemes in India and overseas. The agreement, inked in New Delhi by NHPC Executive Director Rajat Gupta and IOCL Executive Director Pravin Dongre, seeks to create long term collaboration that accelerates both companies’ transition to cleaner power.

Senior leaders present included NHPC Chairman and Managing Director R.K. Chaudhary, Director (Finance) R.P. Goyal and Director (Technical) Suprakash Adhikari, alongside IOCL Director (Planning & Business Development) Suman Kumar. They emphasised that a shared development pipeline will open new pathways for expanding each firm’s renewable portfolio, with pumped storage projects providing vital grid flexibility as India scales up intermittent solar and wind capacity.

The partnership will identify suitable sites, conduct feasibility studies and, where viable, establish joint venture vehicles to build and operate the assets. Both companies expect the collaboration to bolster India’s broader decarbonisation targets while tapping emerging opportunities in neighbouring countries. Detailed project outlines will follow once technical and financial evaluations are completed.