NTPC—the largest integrated power utility corporation and Oil India Limited (OIL), the second-largest national oil and gas company have partnered for renewable energy and decarbonization.
The two Maharatnas recently signed a Memorandum of Understanding to explore collaboration in renewable energy. Other areas of collaboration include green hydrogen and its derivatives, decarbonization initiatives including using geothermal energy and carbon sequestration.
The two entities aim to enhance their footprint in RE and propel India’s target of achieving Net Zero by 2070.
The MoU was signed in New Delhi in the presence of Mr. Gurdeep Singh, CMD, NTPC and Dr. Ranjit Rath, CMD, OIL; and their functional directors.
NTPC is committed to achieve 60 GW of Renewable Energy capacity by the year 2032. It aims to be a major player in Green Hydrogen Technology and Energy Storage domain.