Mumbai, 1st September, 2023 : NTPC, India’s largest power utility having presence across value chain of Power Sector with a total installed capacity of 73,024 MW, and Oil India Limited, a state-owned oil company engaged in the business of exploration, development and production of crude oil and natural gas, have signed a Memorandum of Understanding on 31st August 2023 to explore collaboration in the areas of Renewable Energy, Green Hydrogen & its derivatives, Geothermal and other Decarbonization initiatives. Further, the MoU shall facilitate knowledge and experience sharing on the upcoming Decarbonisation technologies like Carbon Sequestration.
The two Maharatna giants, through this MoU, intend to enhance their footprint in Renewable Energy domain and foray into sustainable solutions to advance the efforts towards achieving the nation’s Net-Zero targets.
The MoU was signed in the presence of Shri 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 2032 and be a major player in Green Hydrogen Technology and Energy Storage domain. The company is taking up several initiatives towards decarbonization such as Hydrogen blending, Carbon Capture & Fuel cell buses among others.