Indian Oil Corporation (IOC) will invest Rs 1,660.15 crore as equity in its 50:50 joint venture with NTPC to establish renewable power plants for IOC’s refineries. The aim is to generate a minimum capacity of 650 MW of round-the-clock renewable power

Indian Oil Corporation  is set to invest Rs 1,660.15 crore as equity in a newly established joint venture with energy giant NTPC Ltd, focused on the development of renewable power facilities. This collaboration, named IndianOil NTPC Green Energy Pvt Ltd and formed through a 50:50 partnership between IOC and NTPC in June, aims to meet the continuous power needs of IOC’s refineries with renewable energy projects.

Based onto a recent stock exchange filing, IOC’s Board, in a meeting on 13 October, approved the investment plan for the joint venture, which will focus on establishing renewable energy power plants. This approval includes an equity contribution of up to Rs 1,660.15 crore, representing IOC’s 50 per cent share in the joint venture’s equity capital.

The joint venture, IndianOil NTPC Green Energy Pvt Ltd, is dedicated to the development of renewable energy-based power projects, encompassing solar PV, wind, and other renewable energy sources, as well as energy storage solutions. These projects are intended to meet the round-the-clock power requirements of new Indian Oil Refineries. The overarching goal is to generate a minimum of 650 MW of continuous renewable power, fulfilling the energy demands of IOC refineries. NTPC, through its wholly-owned subsidiary NGEL, has set an ambitious target to build a renewable generation portfolio of 60 GW over the next decade, marking a determined push into the green energy sector.

In March, Indian Oil Corporation had previously announced its intention to consolidate its green assets under a unified platform, seeking improved synergy in its green energy initiatives.