NTPC, Oil India Collaborate to Work For Renewable Energy, Sign MoU

NTPC, a power utility company, and Oil India Limited, an oil and gas company, have partnered to jointly explore opportunities in the field of renewable energy. 

In this regard, both companies signed a Memorandum of Understanding (MoU) on Friday. 

This MoU indicates their intent to cooperate in various domains, including renewable energy, green hydrogen, and its byproducts, as well as initiatives focused on reducing carbon emissions, which may involve the utilisation of geothermal energy.

This MoU signifies the intention of these two significant Maharatna companies to expand their presence within the renewable energy sector and engage in sustainable solutions. 

Their efforts are aimed at supporting India in its ambitious target of achieving net-zero emissions by the year 2070.

NTPC operates throughout the entirety of the power sector value chain, with an impressive total installed capacity of 73,024 MW.

On the other hand, Oil India Limited is a state-owned oil company primarily focused on the exploration, development, and production of crude oil and natural gas resources.

NTPC has set an ambitious target of reaching 60 GW of renewable energy capacity by 2032. Furthermore, the company is determined to establish itself as a significant player in the emerging green hydrogen technology and energy storage sectors.

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