NTPC and Indian Oil signed agreement on renewable energy collaboration
NTPC and Indian Oil to collaborate on renewable energy exploring opportunities for the supply of low carbon/RE RTC captive power.
India’s NTPC Ltd. and Indian Oil signed a memorandum of understanding (MoU) to collaborate on renewable energy. A mutual agreement has been reached between the two companies in regards to exploring opportunities for the supply of low carbon/RE RTC captive power.
The MoU was signed on November 12, 2021 at New Delhi in the presence of Shri Gurdeep Singh, CMD-NTPC and Shri Shrikant Madhav Vaidya, Chairman Indian Oil.
Other dignataries present on the occasion were Shri C K Mondol, Director (Commercial), NTPC, Shri SSV Ramkumar Director R&D and P&BD Indian Oil. The signatories of the MoU were Ms. Sangeeta Kaushik, Chief General Manager (BD) NTPC and Shri V K Raizada, Executive Director (M&I) Indian Oil.
Two of India’s leading energy giants have launched what is a first-of-its-kind initiative to reduce greenhouse gas emissions and support the nation’s sustainable development goals.
Speaking on the occasion, Shri Gurdeep Singh, CMD, NTPC, stated that NTPC is taking various steps in order to make its energy portfolio greener and is adding significant capacity of renewable energy sources so that the company’s non-fossil fuel-based capacity becomes equal or greater than its thermal portfolio by 2032.
As a result of this MoU, the strengths of both organizations can be used to help the country meet its commitments to achieve net zero emissions, he added further
Mr. Shrikant Madhav Vaidya, Chairman of Indian Oil, commented that as a global energy major, Indian Oil is weaving green priorities into every aspect of its business. Now, the company plans to utilize green energy for its new projects and refinery expansions.
NTPC and Indian Oil have partnered for the generation and storage of renewable energy as well as other types of energy, including gas-based power, primarily to serve Indian Oil refineries and other installations.
NTPC Ltd, is India’s largest integrated energy company with a cumulative current installed capacity of 67,657.5 MW (including 13,425 MW through JVs/Subsidiaries). This total capacity of the company comprises of 47 NTPC’s stations and 26 joint venture stations.
Connect with Power Insight: Facebook | LinkedIn | Twitter
