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.
NTPC Limited and Oil India Limited have signed a Memorandum of Understanding on August 31. The aim of the MoU is 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 decarbonisation technologies such as carbon sequestration. 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 Gurdeep Singh, CMD, NTPC, Ranjit Rath, CMD, OIL, and the directors of the two companies.
Present across the power sector value chain, with a total installed capacity of 73,024 MW, NTPC is committed to achieve 60 GW of Renewable Energy capacity by the year 2032. Oil India Limited is a state-owned oil company engaged in the business of exploration, development and production of crude oil and natural gas.
