The NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, India's leading integrated power generation company, and Nayara Energy, an international downstream energy company, have signed a Memorandum of Understanding (MoU) on 11 September 2023.
The MoU signing ceremony was attended by CEO, NGEL, Mohit Bhargava and Head-Technical, Nayara Energy, Amar Kumar along with other senior officials of NTPC, NGEL and Nayara Energy.
- The objective of this agreement is to explore opportunities in the green hydrogen and green energy sector.
- The MoU envisages collaboration to produce green hydrogen for Nayara Energy's own use, accelerate decarbonization and reduce carbon emissions.
Promote hydrogen projects in India:
- This collaboration is being undertaken at the initiative of NTPC to develop hydrogen projects in India and is in line with the Prime Minister's vision of a self-reliant India.
- This partnership will explore and apply cutting-edge technologies to produce green hydrogen.
- Appreciating the efforts of NTPC for Green Hydrogen, Dr. Alois Virag, CEO, Nayara Energy, informed that Nayara Energy is a leading entity in the energy industry and is deeply embedded in all business operations towards environment friendliness.
National Thermal Power Corporation (NTPC):
- Established: 1975
- Headquarters: New Delhi
- NTPC is India's largest power company, with a total installed capacity of more than 73 GW.
- As part of increasing its renewable energy portfolio, a wholly-owned subsidiary NGEL has been formed to take up Renewable Energy Parks and Projects including businesses in the area of Green Hydrogen, Energy Storage Technologies, and Round-the-Clock RE Power.
- NTPC Group has a plan of 60 GW of RE capacity by the year 2032 and is currently working on a pipeline of 20+ GW, out of which over 3 GW is operational capacity.
- Its objective is to provide reliable power and related solutions in an affordable, efficient and environment-friendly manner driven by innovation.
- It was declared a Maharatna company in May 2010.
- Nayara Energy is an internationally integrated downstream company with a strong presence across the hydrocarbon value chain from refining to retail.
- Nayara Energy operates India's second largest single-site refinery at Vadinar, Gujarat with a capacity of 20 MMTPA.
- It is one of the most modern and sophisticated refineries in the world with a density of 11.8.
- The company has over 6,000 operational retail outlets across India.