NTPC inks pact with Italy based firm for green methanol production

Tags: Economy/Finance National News

India's largest power generation company 'National Thermal Power Corporation Limited' (NTPC) has signed a non-binding Memorandum of Understanding (MoU) with Technimont Pvt Ltd, the Indian subsidiary of Italy-based Maire Tecnimont Group, on 26 December.

Important facts

• The objective of this MoU is to jointly evaluate and explore the possibility of developing a commercial scale green methanol production facility at NTPC's project in India.

• This green methanol project involves capturing carbon from NTPC's power plants and converting it into green fuel.

• This agreement will make a significant contribution to the energy transformation in India.

Green Methanol

• Green methanol has a wide range of applications. It also includes use as a base material for chemical industries, storage of renewable electricity and as a transportation fuel.

• It is also considered as a substitute fuel for maritime fuel applications.

• The pilot scale green methanol project is in line with NTPC's commitment towards sustainability and renewable energy.

About NTPC

• The NTPC which was earlier known as National Thermal Power Corporation of India is owned by the Government of India. It was set up in 1975.

• The Vindhyachal Thermal Power Station in the Singrauli district of Madhya Pradesh, with an installed capacity of 4,760MW, is currently the biggest thermal power plant in India. 

• It is a coal-based power plant owned and operated by NTPC.

• The total installed commercial capacity of the company was 69454 MW before the JPL deal.

• Headquarters: New Delhi

• Chairman and Managing Director: Gurdeep Singh