NLC India Ltd (NLCIL) and Indian Oil Corporation Ltd (IOCL) have signed a memorandum of understanding (MoU) to form a joint venture for developing renewable energy projects in Tamil Nadu, marking a significant step towards strengthening India’s clean energy transition. The MoU was signed in New Delhi on June 22, 2026.
Focus on large-scale renewable energy projects
The proposed joint venture will develop large-scale renewable energy projects, including solar, wind and hybrid power projects, with or without energy storage solutions such as battery energy storage systems and pumped hydro storage.
The venture will also explore opportunities in green hydrogen, green synthetic fuels and chemicals, solar module manufacturing and other emerging renewable energy segments, based on techno-commercial feasibility and mutual agreement between the two companies.
Supplying power across multiple segments
The renewable energy projects developed under the joint venture are expected to supply power to third-party consumers, commercial and industrial (C&I) customers, distribution companies (Discoms), power exchanges and e-mobility applications.
The collaboration is also expected to support the development of an integrated clean energy value chain in Tamil Nadu.
Strengthening clean energy ambitions
NLC India, a Navratna Central Public Sector Enterprise under the Ministry of Coal, has nearly seven decades of experience in mining and power generation.
Alongside its conventional power business, the company has been expanding its renewable and green energy portfolio through investments in solar, wind, pumped hydro storage, battery energy storage systems (BESS), green hydrogen, low-carbon round-the-clock power and waste-to-energy projects.
Partnership supports strategic diversification
NLC India Chairman & Managing Director Prasanna Kumar Motupalli said the partnership with IOCL marks a significant milestone in NLCIL’s strategic diversification into clean and sustainable energy sectors.
He emphasised the development of renewable energy projects across technologies including solar, wind, hybrid systems, battery energy storage systems, pumped hydro storage, green hydrogen and other emerging renewable energy technologies.
Advancing India’s energy transition
The companies said the collaboration represents a major step towards strengthening India’s clean energy ecosystem and reflects their shared commitment to sustainable development, technological advancement and nation-building through reliable and green energy solutions.
The joint venture is expected to play a key role in supporting the country’s renewable energy targets while contributing to Tamil Nadu’s position as a leading clean energy hub.