NTPC-ONGC form JV for renewable business

Two major PSUs – NTPC and Oil and Natural Gas Corporation – have signed a Memorandum of Understanding (MoU) to jointly explore new opportunities in the renewable space. As per the agreement, a new Joint Venture entity will be formed for Renewable Energy business.

According to an official release, 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 ESG (Environmental, Social and Governance) compliant projects.

 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.

 ONGC has a renewable portfolio of 176 MW comprising of 153 MW wind power and 23 MW of solar.

(representational image used)

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