NTPC Green Energy Ltd. on Thursday signed a memorandum of understanding with Bharat Light and Power Pvt. Ltd. to collaborate on green hydrogen and carbon capture initiatives, the companies said on Monday.

According to a press statement, the agreement aims to support India’s push toward a carbon-neutral economy by accelerating green energy adoption.

Under the MoU, both companies will jointly explore the off-take of green hydrogen and its derivatives and the sale of captured carbon from NGEL’s projects to third parties, NGEL said in a statement.

Strengthening India’s Net-Zero Commitments

As part of the initiative, NGEL and its affiliates will establish the necessary infrastructure for green hydrogen production, including renewable energy projects, under a build-own-operate model.

The MoU aligns with India’s commitment to achieving net-zero emissions by 2070 and 500 gigawatts of renewable capacity by 2030.

The agreement was signed by DMR Panda, chief general manager and head of hydrogen at NTPC and BLP President and CEO TP Chopra in the presence of senior officials from both companies at SCOPE Complex in New Delhi.

ONGC NTPC Green’s Strategic Acquisition

On Feb. 12, ONGC NTPC Green Pvt. Ltd., a joint venture between ONGC Green Ltd. and NTPC Green Energy Ltd., agreed to acquire a 100 percent stake in Ayana Renewable Power Pvt. Ltd. for ₹195 billion ($2.3 billion).

The deal marks ONGPL’s first major acquisition since its formation in November 2024, reinforcing its expansion into the renewable energy sector.

Ayana, a leading renewable energy platform, has an operational and under-construction portfolio of approximately 4.1 GW, with an additional development pipeline of 1 GW.

Its projects are strategically located in high-resource states and have long-term contracts with major off-takers such as Solar Energy Corp. of India, NTPC, and Indian Railways.

The acquisition is subject to regulatory approvals and fulfills ONGPL’s long-term strategy of expanding its renewable energy footprint.

The investment aligns with the net-zero targets of its parent companies, ONGC and NTPC, which aim to achieve carbon neutrality by 2038 and 2050, respectively.

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