NTPC, Oil India explore collaboration in RE, green hydrogen, decarbonization initiatives

State-owned power producer, NTPC and state-owned oil company, Oil India Ltd on Thursday (August 31) said they will explore opportunities for collaboration in the areas of renewable energy, green hydrogen and its derivatives, geothermal and other decarbonization initiatives.

The two PSU giants signed a Memorandum of Understanding (MoU) in New Delhi in the presence of Gurdeep Singh, CMD, NTPC and Dr. Ranjit Rath, CMD, OIL and other executives.

Through the latest partnership, NTPC and Oil India intend to enhance their footprint in renewable energy space and venture into sustainable solutions to advance the efforts towards achieving the nation's Net-Zero targets.

Further, the MoU will facilitate knowledge and experience sharing on the upcoming decarbonization technologies like carbon sequestration.

"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 and fuel cell buses among others," NTPC said in an official release.