Renewable Energy NITP, OIL sign MoU to collaborate in renewable energy and decarbonization
New Delhi: NTPC Limited and Oil India Limited signed a Memorandum of Understanding (MoU) on Thursday to explore collaboration in the areas of renewable energy, green hydrogen and its derivatives, and decarbonization initiatives including through the use of geothermal energy.
“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,” the Ministry of Power said in a statement on Friday.
The MoU was signed in New Delhi, in the presence of NTPC CMD Gurdeep Singh and OIL CMD Dr. Ranjit Rath, and their functional directors.
The MoU will also facilitate sharing of knowledge and experience on upcoming decarbonisation technologies such as carbon sequestration, it said.
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.
NTPC is present across the power sector value chain, with a total installed capacity of 73,024 MW.
Oil India Ltd 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 cells, and buses among others, the Power Ministry said.
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