NTPC, Indian Oil Collaborate on Renewable Energy

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NTPC Ltd. and Indian Oil have signed a memorandum of understanding (MoU) to collaborate in the field of renewable energy and mutually 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 achieve renewable energy targets & reduce greenhouse gas emissions, said the two companies in a statement.

Aiming to scale up its portfolio of green energy, Indian Oil plans to meet 85% of the power requirement for new projects in its refineries primarily from renewable sources in the near future.

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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 said, “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 for Indian Oil refineries or other installations.

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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.”

The present installed capacity of NTPC Ltd, India’s largest integrated energy company, is 67,657.5 MW (including 13,425 MW through JVs/subsidiaries), which comprises 47 NTPC stations (23 coal-based stations, 7 gas-based stations, 1 hydro station, 1 small hydro, 14 solar PV and 1 wind-based station) and 26 joint venture stations (9 coal based, 4 gas based, 8 hydro, 1 small hydro 2 wind and 2 solar PV).

State-run NTPC has plans to list its arm NTPC Renewable Energy Ltd in 2022-23, to raise funds for achieving its ambitious target of 60 GW installed renewable energy capacity by 2032, which entails a total investment of Rs 2.5 lakh crore. The company has won 4.32 GW of renewable energy bids since the last financial year.

Meanwhile, another state owned energy major NHPC has got board approval for a proposal to form a joint venture for the implementation of a 500 MW floating Solar Power Project in various water reservoirs in the State of Odisha.

The JV is going to be between NHPC and Green Energy Development Corporation of Odisha (GEDCOL).

The Board has also accorded its investment approval to contribute initial equity of Rs7.4cr by NHPC in the JV Company, to be promoted jointly by NHPC (74%) and GEDCOL (26%).