New Delhi: In a significant step toward accelerating the transition to clean energy, National Hydroelectric Power Corporation Limited (NHPC) and Indian Oil Corporation Limited (IOCL) have signed a Memorandum of Understanding (MoU) to collaborate on the development of Pumped Storage, Hydroelectric, and other Renewable Energy projects both in India and internationally.
The agreement was signed on June 27, 2025, by Shri Rajat Gupta, Executive Director (SBD&C) of NHPC, and Shri Pravin Dongre, Executive Director (SD) of IOCL, at NHPC headquarters in New Delhi.
Leadership in Attendance
The signing ceremony was held in the esteemed presence of:
- Mr R.K. Chaudhary, Chairman & Managing Director, NHPC
- Mr R.P. Goyal, Director (Finance), NHPC
- Mr Suprakash Adhikari, Director (Technical), NHPC
- Senior officials including GM (SBD&C) from NHPC
- From IOCL: Mr Suman Kumar, Director (Planning & Business Development)
- Mr Manoj Nanda, Chief General Manager (Sustainable Development)
Focus of the MoU
The primary aim of the MoU is to foster long-term strategic cooperation between the two public sector giants in the field of:
- Pumped Storage Power Projects (PSPs)
- Hydroelectric Power Projects
- Solar and Wind Energy Projects
- Green Hydrogen and other emerging clean technologies
The collaboration also extends to international ventures, opening new avenues for renewable project development beyond Indian borders.
Accelerating Clean Energy Ambitions
This partnership is expected to synergize the technical and financial strengths of both NHPC, India’s leading hydropower developer, and IOCL, the country’s largest state-run oil and gas enterprise. The joint venture approach will enable both companies to scale renewable energy projects rapidly, helping India meet its ambitious net-zero and clean energy targets by 2070.
Pumped Storage – A Key Enabler for Grid Stability
With the increasing penetration of intermittent renewable sources like solar and wind, Pumped Storage Plants (PSPs) are gaining attention as a viable solution for grid stability and energy storage. NHPC, with its experience in hydro projects, and IOCL, with its strong investment capabilities, are well-positioned to capitalize on this emerging opportunity.
A Win-Win for Energy Security and Sustainability
The MoU aligns with the Government of India’s larger vision of increasing the share of renewable energy in the country’s energy mix. It not only strengthens the domestic renewable sector but also positions India as a competitive player in the global clean energy transition.
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