JV formed to set up RE power plant for refineries

NTPC and IndianOil have signed an agreement for the formation of a joint venture company for meeting the power requirements of upcoming projects of the latter’s refineries. IndianOil plans to meet the additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650MW by Dec 2024 through this JV, an official statement said. The state-run corporations teamed up to setting-up renewable energy-based power plants for IndianOil Refineries. NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, will form the JV Company for the supply of RE-RTC power to IndianOil. NGEL will be an umbrella company for consolidating NTPC’s total renewable energy businesses.