New Delhi: 1/9/23 The largest integrated power utility corporation of India and the second-largest national oil and gas company of the country have joined hands to work together in the area of renewable energy. Yes, NTPC Limited and Oil India Limited have signed a Memorandum of Understanding on 31st August 2023, to explore collaboration in the areas of renewable energy, green hydrogen and its derivatives, and decarbonization initiatives including through use of geothermal energy. The MoU shall also facilitate sharing of knowledge and experience on upcoming decarbonization technologies such as carbon sequestration.
Through the MoU, the two Maharatna giants intend to enhance their footprint in the domain of renewable energy and foray into sustainable solutions towards achieving the nation’s target of achieving Net Zero by the year 2070.
The MoU was signed in New Delhi, in the presence of CMD, NTPC Shri Gurdeep Singh; CMD, OIL, Dr. Ranjit Rath; and their functional directors.
NTPC is present across the power sector value chain, with a total installed capacity of 73,024 MW. Oil India Limited is a state-owned oil company engaged in the business of exploration, development, and production of crude oil and natural gas.
NTPC is committed to achieving 60 GW of Renewable Energy capacity by the year 2032. It aims to be a major player in the Green Hydrogen Technology and Energy Storage domain. The company is taking up several initiatives towards decarbonization such as Hydrogen blending, Carbon Capture, and Fuel cell, buses among others.