NTPC Ltd., the PSU under Ministry of Power, and Oil and Natural Gas Corporation Ltd (ONGC), the PSU under Ministry of Petroleum & Natural Gas, have signed a memorandum of understanding (MoU) to set up a joint venture (JV) company for the renewable energy business. The MoU will enable both companies to enhance their renewable energy footprint.
The MoU was signed by AK Gupta, Director Commercial, NTPC and Subhash Kumar, Director Finance and In-charge Business Development and Joint Venture, ONGC. The MoU signing activity was done on virtual conferencing mode in the presence of Gurdeep Singh, Chairman & Managing Director, NTPC and Shashi Shanker, Chairman & Managing Director, ONGC along with the other directors and officials of both the companies.
As per the MoU, NTPC and ONGC will explore the setting up of off-shore wind and other renewable energy projects in India and overseas. They shall also explore opportunities in the fields of sustainability, storage, electric mobility and environmental, social and governance (ESG) compliant projects.
NTPC presently has 920 MW of installed renewable power projects in its portfolio and about 2300 MW of renewable energy projects under construction. With this tie-up, NTPC would accelerate its renewable energy capacity addition programme and also expand its footprint in off-shore 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.
ONGC has a renewable portfolio of 176 MW comprising of 153 MW wind power and 23 MW of solar. This development will enhance the presence of ONGC in the renewable power business and enable its ambition to add 10 GW of renewable power to its portfolio by 2040.