NTPC, OIL come together to collaborate in renewable energy space

Power utility firm NTPC and oil and gas company Oil India Limited have joined hands to work together in the area of renewable energy.

According to an official release by the central government on Friday, they signed a Memorandum of Understanding on Thursday to explore collaboration in the areas of renewable energy, green hydrogen and its derivatives, and decarbonization initiatives including through use of geothermal energy.

Through the MoU, the two Maharatna giants intend to enhance their footprint in the domain of renewable energy and foray into sustainable solutions towards achieving the nation's target of achieving vet zero by the year 2070.

NTPC is present across the power sector value chain, with a total installed capacity of 73,024 MW. Oil India Limited is a state-owned oil company engaged in the business of exploration, development and production of crude oil and natural gas.

NTPC is committed to achieving 60 GW of renewable energy capacity by the year 2032. It aims to be a major player in green hydrogen technology and energy storage domain.