State-owned power producer NTPC Ltd and oil explorer Oil India announced they have signed a Memorandum of Understanding to explore collaboration in the areas of Renewable Energy, Green Hydrogen & its derivatives, Geothermal and other Decarbonization initiatives.
The MoU will also 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 companies said in a statement.
The agreement was signed in the presence of Gurdeep Singh, Chairman and Managing Director (CMD), NTPC and Ranjit Rath, CMD, OIL and their functional directors.
NTPC said it is committed to achieve 60 GW of Renewable Energy capacity by 2032 and become a major player in Green Hydrogen Technology and Energy Storage domain.
The company is taking up several initiatives towards decarbonization including Hydrogen blending, Carbon Capture & Fuel cell buses, among others.
