Indian Oil Corp, NTPC in pact for renewable energy business

Indian Oil Corporation () and have signed a memorandum of understanding to together explore and collaborate in the renewable energy sector, the two public sector companies said in a joint statement.

IOC 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.

"As a global energy major, environmental priority is being weaved into every business aspect of IndianOil, and now, we intend to use green energy to power new projects and refinery expansions,” said Shrikant Madhav Vaidya, chairman, IOC.

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

NTPC Chairman Gurdeep Singh said, “NTPC is taking various steps to make its energy portfolio greener by adding significant capacity of renewable energy sources and plans to have 60 gigawatts capacity through renewable sources by 2032, which will constitute nearly 45% of its overall power generating capacity.”