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NLC India, IOC Plan Joint Venture for Solar, Wind and Storage Projects

State-owned NLC India Limited (NLCIL) and Indian Oil Corporation Limited (IOCL) have signed a memorandum of understanding (MoU) to establish a joint venture for developing large-scale renewable energy projects in Tamil Nadu, strengthening their presence in India's fast-growing clean energy sector.

The proposed partnership will focus on setting up solar, wind and hybrid renewable energy projects across the state. The projects may also incorporate energy storage solutions, including battery energy storage systems (BESS) and pumped storage facilities, depending on project requirements.

According to the companies, the joint venture will explore multiple avenues for supplying renewable electricity. Potential offtake markets include commercial and industrial consumers, power distribution companies (discoms), power exchanges and emerging e-mobility applications.

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