India’s State-owned power producer NTPC Ltd. and largest refiner Indian Oil have signed a memorandum of understanding (MoU) to collaborate in the field of renewable energy and mutually explore opportunities for the supply of round-the-clock captive renewable power.
NTPC and Indian Oil have come together for the generation and storage of renewable energy or other forms of energy, including gas-based power, primarily to cater to Indian Oil refineries or other installations.
This partnership between the two leading national energy majors of India will support the country’s commitment to achieve renewable energy targets and reduce greenhouse gas emissions.
Gurdeep Singh, chairman and managing director, NTPC, said, “NTPC is taking various steps to make its energy portfolio greener by adding significant capacity of renewable energy sources so that our non-fossil fuel-based capacity will become equal or greater than our thermal portfolio by 2032. Through this MoU, the strengths of both the organizations can be leveraged to achieve the aim of the country to meet its net-zero commitments.”
Shrikant Madhav Vaidya, Chairman, Indian Oil, said, “As a global energy major, environmental priority is being weaved into every business aspect of Indian Oil and now, we intend to use green energy to power new projects and refinery expansions.”
NTPC Ltd, India’s largest integrated energy company, has an installed capacity of 67,657.5 MW (including 13,425 MW through JVs/Subsidiaries) comprising 47 NTPC stations (23 coal-based stations, seven gas-based stations, one hydro station, one small hydro, 14 solar PV and one wind-based station) and 26 joint venture stations (nine coal-based, four gas-based, eight hydro, one small hydro, two wind and two solar PV).
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