India’s Fossil Fuel Giants Announce Renewable Energy Partnership
India’s largest thermal power generation company and oil refining company have announced a partnership to develop renewable energy assets.
According to media reports, NTPC will develop renewable energy generation and energy storage applications for Indian Oil Corporation. Partnership between the two government-owned companies is the latest in a long list of similar efforts by other public sector companies over the last few years.
The two companies shared no details of actual project development. They have announced several measures to enhance their sustainability credentials.
NTPC, the largest power generation company in India, has an installed capacity of around 70 gigawatts, with a large majority of it based on coal. The company has more than a gigawatt of solar and wind energy capacity. It recently started participating in renewable energy tenders and secured 4.3 gigawatts worth of projects between April 2020 and March 2021. NTPC aims for 60 gigawatts of renewable energy capacity by 2030.
Indian Oil operates half of India’s oil refineries, accounting for 35% of the country’s refining capacity. It has announced several plans aimed at enhancing sustainable operations. Among the latest of such plans involves production of green hydrogen at one of its refineries. The announcement came after the government indicated introduction of an obligation for certain industries to use green hydrogen.
Indian Oil is also working on installing EV charging stations and rooftop solar projects at its fuel retails points. It has partnered with Israel’s Phinergy for development of aluminum-air batteries for electric vehicles. Overall, Indian Oil aims to meet 85% of power required at its new projects through renewable energy. In 2019, the company had announced plans to invest $3.5 billion in renewable energy.
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