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IOCL, NTPC ink pact for renewable energy business

Monday, 15 Nov 2021
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The Indian Oil Corporation (IOCL) and NTPC have signed a memorandum of understanding (MoU) to together explore and collaborate in the renewable energy sector.

IOCL and NTPC plan to jointly build generation and storage of renewable energy or other cleaner forms of energy, including gas-based power, primarily to cater for the former’s refineries and other installations.

IOCL plans to meet 85 percent of the power requirement for new projects in its refineries primarily from renewable sources in near future.

NTPC is taking various steps to make its energy portfolio greener by adding significant capacity of renewable energy sources and plans to have 60 GW capacity through renewable sources by 2032, which will constitute nearly 45 percent of its overall power generating capacity.

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