NTPC Ltd. and Indian Oil have announced that they have signed a memorandum of understanding (MoU) to collaborate in the field of renewable energy and jointly explore opportunities for the supply of low carbon/RE RTC captive power.
This is a first-of-its-kind novel initiative by two leading national energy majors of India, to support the country's commitment to accomplish renewable energy targets & reduce greenhouse gas emissions, said the two companies in a declaration.
Targeting to scale up its portfolio of green energy, Indian Oil plans to meet 85 percent of the power requirement for new projects in its refineries primarily from renewable sources soon.
Indian Oil is also well poised to leverage India's sustainable commitments through multiple green initiatives, including increased use of natural gas in all refineries, ethanol-blended Motor Spirit, sale of Compressed Biogas (CBG), and production of biodiesel using cooking oil as feedstock, states the company.
Speaking on the occasion, Mr. Shrikant Madhav Vaidya, Chairman, Indian Oil stated, "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."
NTPC and Indian Oil have come together for the generation and storage of renewable energy or other forms of energy, including gas-based power, primarily to cater to Indian Oil refineries or other installations.
Mr. Gurdeep Singh, CMD, NTPC, said, "NTPC is taking various steps to make its energy portfolio greener by adding significant capacity of renewable energy sources so that our non-fossil fuel-based capacity will become equal or greater than our 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."