Indian Oil will invest Rs.1,660 crore in NTPC: Investment under 50-50 joint venture made in June, companies will develop renewable energy power plants.

Indian Oil Corporation (IOC), India’s largest oil firm, will invest ₹1,660.15 crore in NTPC Green Energy Limited. The company will make this investment in exchange for equity in NTPC.

In June this year, IOC had formed a joint venture company with NTPC Green Energy Limited, a wholly owned subsidiary of NTPC Limited, in a 50-50 share.

Will create 650 MW power production capacity – Indian Oil-NTPC

Indian Oil-NTPC Green Energy Private Limited will work on developing renewable energy based power plant projects. In this, the company will create a capacity of 650 MW power production through solar photovoltaic cells, wind and other energy production projects along with energy storage or a combination of both.

With this, 24-hour power supply will be available in Indian oil refineries. Indian Oil has given this information in its filing. The company has said that board approval has also been received for this investment.

IOC will create 200 gigawatt renewable energy by 2050

In March, IOC announced the consolidation of all its green energy assets. The company’s target is to produce 3 gigawatt renewable energy and 6 lakh tonnes of biofuel by 2025. At the same time, the renewable energy portfolio is to be increased to 35 GW by 2030 and 200 GW by 2050.

Indian Oil’s current energy portfolio is 239 MW.

Apart from this, the company has set a target of producing 70 lakh tonnes of biofuel and 90 lakh tonnes of biogas by 2050 by using agricultural and municipal waste. The company’s existing renewable energy portfolio is 239 MW, which will be further expanded with the help of wind, hydro and solar energy.

NTPC also wants to build 60 gigawatt power generation portfolio

This collaboration with NTPC will increase IOC’s energy capacity to 2.8 GW. At the same time, NTPC also wants to create 60 gigawatt power generation portfolio through its fully owned subsidiary Ngel to rapidly expand its green energy business.