NTPC and Indian Oil Teamed Up to Cooperate In Renewable Energy

Dec, 2021 - By SMI

Indian Oil and NTPC, the two leading national energy companies, collaborated in support of the country to achieve renewable energy targets.

This the first time the two leading national energy companies Indian Oil and National Thermal Power Corporation (NTPC) Ltd. took initiative and tied up together to support the country to achieve renewable energy targets and to reduce greenhouse gas emissions. Indian Oil and NTPC Ltd. came to an agreement by signing a Memorandum of Understanding (MoU) to join forces in the field of renewable energy and associatively explore opportunities for the supply of low carbon captive power. The collaboration took place on 12 November 2021 in New Delhi, India. Shrikant Madhav Vaidya (Chairman, Indian Oil), Gurdeep Singh (CMD-NTPC), and other legal executives of both companies were present during the collaboration agreement.

Through this MoU, the power of both the companies is often leveraged to realize the target of the country to satisfy its net-zero commitments. NTPC is looking forward to create a greener energy portfolio by adding the remarkable capacity of renewable energy sources to such an extent that its non-fossil fuel-based capacity will become greater than or capable of its thermal portfolio. According to Gurdeep Singh, the targets will be achieved by 2032. Moreover, Indian Oil announced its plan of building the country’s first most green hydrogen plant at Mathura refinery. India is thinking to make it compulsory for all oil refineries and fertilizer plants to take a position in green hydrogen to make the country independent of fossil fuels.

Indian Oil is carefully balanced to purchase the country’s credible commitments over various green initiatives. It includes widened use of natural gas in all oil refineries, sale of CBG i.e. Compressed Biogas, ethanol-blended motor spirit, and manufacturing of biodiesel using edible oil as feedstock. Moreover, NTPC planned to have around 60 gigawatts (GW) capacity through renewable sources by 2032, which will constitute nearly 45% of its overall generation capacity.