State-run NTPC and Indian Oil (IOC) on Monday signed an agreement to set up a 50:50 joint venture (JV) company that will meet the power requirements of IOC’s upcoming refinery projects.
“Going forward, NTPC Green Energy (NGEL), a wholly owned subsidiary of NTPC, will form the JV company for supply of RE-RTC (renewable energy – round-the-clock) power to IOC. NGEL will be an umbrella company for consolidating NTPC’s total renewable energy businesses,” NTPC said in a statement. IOC plans to meet additional power requirement of its refineries using round-the-clock renewable energy to the tune of 650MW by the end of 2024 through the JV.
