NTPC and IOCL reach an agreement to establish renewable energy projects

23 Mar 2023 CW Team

In order to address the 24/7 power needs of IOCL refineries, NTPC Green Energy (NGEL) and Indian Oil Company (IOCL) have signed a contract for the establishment of renewable energy projects.

In addition to Gurdeep Singh, Chairman and Managing Director of NTPC and Shrikant Madhav Vaidya, Chairman of IOCL, the JV agreement was signed in their presence.

The two giants will be able to satisfy the government's clean energy targets in their respective main businesses thanks to the signing of this joint venture agreement.

In order to aggressively pursue its green energy business, NTPC through its wholly-owned subsidiary NGEL has set the audacious goal of constructing a renewable power portfolio of 60 GW over the next ten years.

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