NTPC signs agreement with IOCL to set up renewable energy projects

NTPC Green Energy Limited (NGEL) and Indian Oil Corporation Limited (IOCL) have inked pact for setting up of renewable energy projects to meet round-the-clock power requirement of IOCL refineries.

The JV agreement was signed in the presence of Gurdeep Singh, Chairman and Managing Director of NTPC Limited and Shrikant Madhav Vaidya, Chairman of IOCL, among others.

"The signing of this joint venture agreement between the two behemoths will enable NTPC Limited and IOCL to meet the government's clean energy targets in their respective core businesses," NTPC said in a statement on Monday.

NTPC Ltd, through its wholly-owned subsidiary, NGEL, has set an ambitious target of building a renewable generation portfolio of 60 GW over the next decade to aggressively pursue its green energy business.