
NLC India and Indian Oil Corp signed an MoU Monday to form a JV for solar, wind, and storage projects in Tamil Nadu. No equity split or timeline disclosed.
NLC India Ltd and Indian Oil Corporation Ltd signed a memorandum of understanding Monday to form a joint venture for renewable energy projects in Tamil Nadu. The scope includes solar, wind, hybrid power, battery storage, pumped hydro, and green hydrogen.
Anurag Mittal, NLCIL's chief general manager for commercial and business development, and Manoj Nanda, IOCL's chief general manager for alternative energy, signed the MoU in New Delhi.
NLCIL Chairman and Managing Director Prasanna Kumar Motupalli called the partnership “a significant milestone” in the company’s shift into clean energy. The tie-up pairs NLCIL’s project development experience with IOCL’s balance sheet and energy distribution network.
The joint venture accelerates NLCIL’s diversification from lignite and thermal power. The company already operates mines and plants in Tamil Nadu's Neyveli region. Repurposing some of that land for solar or wind avoids the land-acquisition delays that stall many Indian renewable projects. Tamil Nadu’s wind capacity factor is among the best in India, and solar irradiation is above the national average.
For IOCL, the JV fits into its target of 1 GW of renewable capacity by 2028. India’s largest state-run refiner has been adding non-fuel revenue streams. The Tamil Nadu projects could feed into IOCL’s own captive power needs or sell into the grid under long-term power purchase agreements.
Tamil Nadu Generation and Distribution Corp is one of the more active renewable offtake buyers in the state, though payment cycles have lagged in the past. The JV’s structure has not been finalised. Neither company disclosed an equity split, capacity target, or timeline.
Motupalli flagged green hydrogen and battery storage as future technologies the partnership would explore. Storage is a critical piece of the puzzle. Tamil Nadu’s wind generation peaks at night, when demand is low. Without storage, any large wind build-out would face curtailment.
The MoU signals a broader trend of state-owned energy companies pooling resources to meet renewable purchase obligations. NLCIL and IOCL have complementary strengths: one brings land and project know-how, the other brings capital and fuel-retail infrastructure. The practical challenge will be navigating state utility payment terms and grid connectivity rights, which have been sticking points for earlier projects in Tamil Nadu.
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