India’s biggest power generator NTPC along with state-run oil and gas explorer ONGC signed a memorandum of understanding (MoU) to set up a joint venture for renewable energy business on Thursday, May 21.
As per the MoU, NTPC and ONGC will explore the setting up of offshore wind and other renewable energy projects in India and overseas. They shall also explore opportunities in the fields of sustainability, storage, e-mobility, and environmental, social and governance (ESG) compliant projects.
"Through this collaboration with NTPC, ONGC envisages significant growth in its presence in the renewable power sector as outlined in its Energy Strategy 2040 document," stated ONGC.
The MoU was signed by Subhash Kumar, ONGC Director (Fin) in-charge Business Development & Joint Ventures and A K Gupta, NTPC Director (Commerce) through virtual conferencing, in presence of Gurdeep Singh, CMD NTPC and Shashi Shanker, CMD ONGC along with the other directors and officials of both the companies.
“NTPC presently has 920 MW of installed renewable power projects in its portfolio and about 2300 MW of RE projects under construction. With this tie-up, NTPC would accelerate its RE capacity addition program and also expand its footprint in offshore wind and overseas renewable energy projects. This will help India's largest power generator achieve its ambitious target of 32 GW of Renewable Energy Projects by 2032,” said NTPC in its statement.
ONGC has a renewable portfolio of 176 MW comprising 153 MW wind power and 23 MW of solar. This development is expected to help the company's presence in the RE power business and achieve its ambition of adding 10 GW of renewable power to its portfolio by 2040.