NHPC and IOCL Forge Strategic Alliance to Boost Renewable and Pumped Storage Projects – EQ
In Short : NHPC and Indian Oil Corporation Ltd (IOCL) have signed an MoU to jointly develop pumped storage, hydroelectric, and other renewable energy projects in India and abroad. The partnership aims to expand clean energy capacity, support national renewable targets, and leverage NHPC’s hydropower expertise with IOCL’s infrastructure strengths to accelerate sustainable energy development through joint ventures.
In Detail : NHPC Ltd and Indian Oil Corporation Ltd (IOCL) have entered into a memorandum of understanding (MoU) to collaborate on developing pumped storage, hydroelectric, and other renewable energy projects. The agreement marks a strategic partnership aimed at strengthening India’s clean energy infrastructure.
The MoU was officially signed on June 27, 2025, by senior representatives from both organizations—Rajat Gupta from NHPC and Pravin Dongre from IOCL. The agreement lays the foundation for a long-term collaboration that will operate through a joint venture model.
Both companies plan to explore and execute renewable energy projects across India and internationally. The focus will be on pumped storage systems, which play a key role in energy storage, and on hydroelectric power generation to support grid stability and peak demand requirements.
This partnership combines NHPC’s extensive experience in hydropower development with IOCL’s infrastructure and financial capabilities. By working together, the two public sector companies aim to fast-track project development and bring greater efficiency in execution and financing.
The initiative also supports India’s broader renewable energy goals by boosting green energy capacity and enhancing storage solutions essential for a reliable energy transition. It reflects the government’s encouragement of cross-sector collaboration to accelerate decarbonization.
NHPC has already signed similar agreements with state governments like Maharashtra and Odisha to expand pumped storage capacity. The tie-up with IOCL further strengthens its strategic outreach and positions both entities as key players in India’s renewable energy future.
