Mumbai: NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of India’s largest power producer NTPC Limited, and Nayara Energy have entered into a Memorandum of Understanding (MoU) on Monday to explore opportunities in the Green Hydrogen and green energy space, said an official statement. The MoU signing ceremony was attended by Mohit Bhargava, CEO, NGEL and Amar Kumar, Head (Technical), Nayara Energy. Other senior officials of NTPC, NGEL and Nayara Energy were also present on the occasion.
The MoU envisages collaborating and producing Green Hydrogen for Nayara Energy’s captive usage. The pact also includes accelerating decarbonisation and catalysing reduction in carbon footprint. “This collaboration is in line with NTPC’s initiatives to develop hydrogen projects in India and aligns with the vision of a self-reliant India (Atmanirbhar Bharat) as laid out by the Hon’ble Prime Minister (Narendra Modi),” said the statement.
While congratulating the team, Bhargava, CEO (NGEL) said, “We are happy to join hands with Nayara Energy in our shared commitment to accelerate India’s transition to clean and sustainable energy sources. Green Hydrogen would be a crucial element of India’s clean energy future, and with this partnership, we will explore and implement cutting-edge technologies to produce Green Hydrogen, contributing to a cleaner and more resilient energy landscape. Through NGEL, we are dedicated to expanding our Green Energy portfolio, and this collaboration exemplifies our relentless pursuit of a greener and more sustainable future for the nation.”
While appreciating the efforts of NTPC for Green Hydrogen, Dr Alois Virag, CEO, Nayara Energy, said, “As a prominent player in the energy industry, environmental sustainability is deeply ingrained in all our business operations at Nayara Energy. Today, we take an important step forward by partnering with NTPC, leaders in Green Energy business, to explore the potential of Green Hydrogen. This collaboration will contribute to achieve the energy transition objectives of the country.”
NTPC is India’s largest power utility having a total installed capacity of over 73 GW. With a view to increase its RE 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.
Nayara Energy is an integrated downstream company with a strong presence across the hydrocarbon value chain from refining to retail. Nayara Energy owns India’s second-largest single-site refinery at Vadinar, Gujarat with a capacity of 20 MMTPA.