A Memorandum of Understanding between Nayara Energy and NTPC Green Energy Limited (NGEL) which aims to explore opportunities in the green energy and green hydrogen space was signed earlier this week.
NGEL, a wholly owned subsidiary of India’s leading integrated power producer NTPC Limited, aims to establish renewable energy parks and take on projects in green hydrogen, energy storage technologies, and round-the-clock RE power.
Through their MoU, they will work with Nayara Energy, to produce green hydrogen for the latter’s captive usage, and accelerate decarbonisation efforts.
Mohit Bhargava, CEO of NGEL, said: “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.”
Nayara Energy already have a strong presence across the hydrocarbon value chain, as well as owning India’s second largest single-site refinery at Vadinar, Gujarat, which boasts a capacity of 20 MMTPA.
Dr. Alois Virag, CEO of Nayara Energy, said: “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.”