The two energy giants have teamed together to generate and store renewable energy and other types of energy such as gas-based power, mainly to power Indian oil refineries and other infrastructure, as stated by both company officials.
NTPC Ltd., India’s state-owned power company, and Indian Oil, the country’s largest refiner, have signed a memorandum of understanding (MoU) to work in the field of renewable energy and to jointly investigate the potential for the supply of round-the-clock captive renewable electricity.
NTPC and Indian Oil have partnered to generate and store renewable energy and other types of energy, including gas-based electricity, primarily for Indian Oil refineries and other installations.
This comes after Indian Oil announced plans to develop the first green hydrogen plant in the country at its Mathura refinery. In addition, as part of attempts to reduce the country’s reliance on fossil fuels, India is considering making it necessary for fertilizer plants and oil refineries to purchase green hydrogen.
“This is a first-of-its-kind initiative by two of India’s largest public-sector energy firms to help the country’s ambition to meet renewable energy targets and reduce greenhouse gas emissions,” according to the statement.
This collaboration between India’s two largest national energy companies would help the country meet its renewable energy targets and cut greenhouse gas emissions.
NTPC Chairman and Managing Director Gurdeep Singh remarked, “The company is taking a number of efforts to make its energy portfolio more environmentally friendly, including adding considerable renewable energy capacity so that by 2032, our renewable fuel-based capability will be equivalent to or bigger than our thermal spectrum. The expertise of both institutions will be harnessed through this MoU to help the government realize its net-zero commitments.”
According to Indian Oil Chairman, Shrikant Madhav Vaidya, “As a worldwide energy major, environmental significance is being interlaced into every business aspect of Indian Oil and now, we aim to use renewable energy to power new refinery and projects expansions.”
NTPC Ltd, India’s leading industrial energy company, operates forty-seven NTPC centers (seven gas-based stations, twenty-three coal-based stations, one hydro station, one small hydro, fourteen solar PV, and one wind-based station) and twenty-six joint venture stations with a total installed capacity of 67,657.5 MW (including 13,425 MW through JVs/subsidiaries) (four gas-based, nine coal-based, eight hydro, one small hydro, two solar PV, and two wind).