NTPC Ltd. and Indian Oil signed a memorandum of understanding (MoU) to collaborate in the field of renewable energy and mutually explore opportunities for supply of low carbon/RE RTC captive power.
This is a first-of-its-kind novel initiative by two leading national energy majors of India, to support the country’s commitment to achieve renewable energy targets & reduce greenhouse gas emissions.
Gurdeep Singh, CMD, 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.”
Speaking on the occasion, 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 and Indian Oil has come together for generation and storage of renewable energy or other forms of energy, including gas-based power, primarily to cater for Indian Oil refineries or other installations.
