NTPC ties up with Indian Oil to collaborate in renewable energy

State-owned power giant NTPC on Friday inked an initial pact with Indian Oil to collaborate in the field of renewable energy.

This is a first-of-its-kind novel initiative by two leading national energy majors of India, to support the country's commitment to achieving renewable energy targets and reduce greenhouse gas emissions, a statement by NTPC said.

"NTPC Ltd. and Indian Oil signed a memorandum of understanding (MoU) to collaborate in the field of renewable energy and mutually explore opportunities for supply of low carbon/RE RTC (round the clock) captive power," it said.

The MoU was signed in the presence of Gurdeep Singh, CMD-NTPC; Shrikant Madhav Vaidya, Chairman, Indian Oil and other officials of the companies.

Gurdeep Singh said NTPC is taking various steps to make its energy portfolio greener by adding significant capacity of renewable energy sources so that its non-fossil fuel-based capacity will become equal or greater than its thermal portfolio by 2032.

Through this MoU, the strengths of both the organizations can be leveraged to achieve the aim of the country to meet its net-zero commitments, he said.

Vaidya said, "As a global energy major, environmental priority is being weaved into every business aspect of Indian Oil and now, we intend to use green energy to power new projects and refinery expansions."

The two companies have come together for generation and storage of renewable energy or other forms of energy, including gas-based power, primarily to cater for Indian Oil refineries or other installations.

The signatories of the MoU were Sangeeta Kaushik, Chief General Manager (BD) NTPC and V K Raizada, Executive Director (M&I) Indian Oil.

NTPC, India's largest integrated energy company, has an installed capacity of 67,657.5 MW (including 13,425 MW through JVs/Subsidiaries) comprising 47 NTPC stations.