Indian Oil Corporation (IOC) has said that the company will invest ₹1,660.15 crore as equity in IndianOil NTPC Green Energy Pvt Ltd —a newly set up joint venture with energy NTPC Ltd—for setting up renewable power plants.
“The board at its meeting held today i.e. on 13 October 2023 has accorded approval to the investment plan of the JVC for setting up of Renewable Energy Power Plants and approved the equity contribution of upto Rs. 1660.15 crore towards IndianQil’s share of 50% in the equity share capital of the JVC,” Indian Oil said in a stock exchanging filing.
In June, Indian Oil and NTPC Green Energy Ltd, (a wholly-owned subsidiary of NTPC Ltd) had formed a 50:50 joint venture company, IndianOil NTPC Green Energy Pvt Ltd, to set up renewable energy projects to meet 24X7 power requirements of refineries of the IOC.
“IndianQil NTPC Green Energy Private Limited will develop renewable energy-based power projects (viz. solar PV, wind, any other renewable energy, energy storage or any combination of the same), to meet the round-the-clock (RTC) power requirements of new projects of IndianQOil Refineries,” PTI quoted IOC statement at that time.
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The aim of the joint venture projects is to generate a minimum capacity of 650 MW of round-the-clock renewable power to fulfill the energy requirements of IOC refineries.
In March, Indian Oil had announced consolidation of its green assets under one umbrella for better synergy. The Oil major aims to build a portfolio of 3 GW renewable energy and 0.6 million tonnes of biofuels by 2025.
NTPC, through its wholly-owned subsidiary NGEL, is also eying to build a renewable generation portfolio of 60 GW over the next decade to pursue its green energy business.
The renewable energy portfolio of Indian Oil currently stands at 239 MW, which is being expanded through new wind, solar, hydel and pumped hydro projects. The company plans to expand it renewable energy portfolio to 35 GW by 2030, and 200 GW by 2050. It is collaborating with NTPC to augment its renewable energy capacity by around 2.8 GW.
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Updated: 15 Oct 2023, 04:57 PM IST