NTPC, Oil India ink pact to explore collaborations in renewable energy

State-owned entities NTPC and Oil India have entered into an agreement to explore collaborations in the areas of renewable energy, production of green hydrogen and its derivatives.

The collaboration is also to pursue geothermal and other decarbonisation initiatives, NTPC said in a statement.

The memorandum of understanding (MoU) was signed in the presence of NTPC CMD Gurdeep Singh and Oil India CMD Ranjit Rath on Thursday.

"The MoU is for exploring collaboration in the areas of renewable energy, green hydrogen and its derivatives, geothermal and other decarbonisation initiatives. Further, it shall also facilitate knowledge and experience sharing on the upcoming decarbonisation technologies like carbon sequestration," it said.

NTPC is aiming to achieve 60 GW of renewable energy installed capacity by 2032 and become a major player in the green hydrogen technology and energy storage domain.