Both the companies will explore the opportunities in the fields of sustainability, storage, E-mobility and environmental, social and governance (ESG) compliant projects
The MoU signing activity has been done on Virtual conferencing mode. (Credit: NTPC Ltd.)
The National Thermal Power Corporation (NTPC) has signed a memorandum of understanding (MoU) with Oil and Natural Gas Corporation (ONGC) to form a new joint venture company to expand their presence in the renewable energy business.
According to the MoU, both the companies are planning to explore and set up offshore wind as well as the other renewable power projects in India and abroad.
They will also explore the opportunities in the fields of sustainability, storage, E-mobility and environmental, social and governance (ESG) compliant projects.
NTPC said that the agreement is expected to support both the companies to achieve their targets in the renewable energy business.
NTPC currently has 920W of installed renewable energy generation capacity
NTPC said: “The MoU was signed by Shri A K Gupta, Director (Commercial) NTPC and Shri Subhash Kumar, Director (Finance) and In-charge Business Development and Joint Venture, ONGC.
“The MoU signing activity has been done on Virtual conferencing mode in the august presence of Shri Gurdeep Singh, CMD NTPC and Shri Shashi Shanker, CMD ONGC along with the other Directors and officials of both the companies.”
At present, NTPC has an installed renewable power generation capacity of 920W and approximately 2.3GW of renewable energy projects under construction.
The company aims to have 32GW of renewable energy projects by 2032.
Additionally, ONGC currently has a portfolio of 176MW of renewable energy projects, which include 153MW wind projects and 23MW of solar.
Through the partnership with NTPC, ONGC expects to enhance its presence in the renewable power business and reach its target to add 10GW of renewable power to its portfolio by 2040.
In March this year, NTPC has agreed to acquire stakes in North Eastern Electric Power Corporation (NEEPCO) and THDC India from the Indian government.