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State-owned NTPC, India's largest power generation company, has signed a non-binding Memorandum of Understanding (MOU) with Tecnimont Private Limited for development of a green methanol facility in India.

Technimont Private Limited is the Indian Subsidiary of Italy-based Maire Tecnimont Group.

"The objective of the MOU is to jointly evaluate and explore the possibility to develop commercial scale Green Methanol Production facility at NTPC project in India," the company said in a statement on Monday (26 December).

The Green Methanol Project involves capturing carbon from NTPC power plants and converting it into a green fuel.

Green Methanol has a wide range of applications, including serving as a base material for the chemical industry, storing renewable electricity, and even as a transportation fuel. It is also considered as a substitute fuel for maritime fuel applications.

CK Mondal, Director (Commercial), NTPC said that this project along with NTPC's under execution pilot scale Green Methanol project aligns with the company's commitment to sustainability and renewable energy, and will significantly contribute to India's energy transition.