NTPC Green Energy Ltd (NGEL), an arm of India’s leading integrated power producer NTPC Ltd, and Nayara Energy, an oil refining and marketing company, have entered into a Memorandum of Understanding (MoU) to explore opportunities in the green hydrogen and green energy space.
The MoU envisages to collaborate and produce green hydrogen for Nayara Energy’s captive usage, accelerate decarbonisation and catalyse reduction in carbon footprint.
Mohit Bhargava, CEO of NGEL, said, “Green hydrogen would be a crucial element of India’s clean energy future, and with this partnership, we will explore and implement cutting-edge technologies to produce green hydrogen, contributing to a cleaner and more resilient energy landscape.”
NTPC is India’s largest Power Utility with a total installed capacity of 73+ GW. As part of increasing its RE portfolio, NTPC has formed a wholly-owned subsidiary NGEL to take up renewable energy parks and projects in green hydrogen, energy storage technologies, and round-the-clock RE power. NTPC Group targets 60 GW of RE capacity by the year 2032 and is currently working on a pipeline of 20+ GW, out of which over 3 GW is operational capacity.
Nayara Energy is an integrated downstream company with presence across the hydrocarbon value chain from refining to retail. It owns India’s second largest single-site refinery at Vadinar, Gujarat with a capacity of 20 mmtpa. The company has over 6,000 operational retail outlets spread across India.
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