New Delhi: In a significant move towards bolstering India's renewable energy sector and advancing the nation's efforts to achieve net-zero targets, NTPC Limited and Oil India Limited (OIL) have inked a Memorandum of Understanding (MoU). The MoU, signed on Thursday, outlines their collaborative efforts in the realms of renewable energy, green hydrogen, geothermal energy, and other decarbonization initiatives.

NTPC Limited, India's largest power utility, boasts a substantial presence across the power sector with a total installed capacity of 73,024 MW. On the other hand, Oil India Limited, a state-owned company, specializes in the exploration, development, and production of crude oil and natural gas.

The MoU was signed in the presence of NTPC's Chairman and Managing Director (CMD) Gurdeep Singh and OIL's CMD Dr Ranjit Rath, along with their respective functional directors.

NTPC is actively broadening its energy portfolio with a strong focus on increasing its renewable energy (RE) capacities. By the year 2032, the company has set an ambitious target of achieving 60 GW of capacity from renewable sources, constituting approximately 45 percent of its total power generation capacity.

Meanwhile, Oil India Limited (OIL) is embracing renewable energy projects as a significant step towards realizing its vision of becoming an energy company dedicated to ensuring India's energy security. This commitment extends to both traditional and non-conventional energy solutions.

Through this strategic partnership, NTPC and OIL aim to strengthen their presence in the renewable energy domain and explore sustainable solutions. Their combined efforts are expected to play a pivotal role in driving India's transition towards a greener and more sustainable future. /BI/

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