India's NTPC and ONGC sign a MoU to further their interests in renewable energy through a new joint venture. (Photo Credit: ONGC)
- NTPC and ONGC have announced they will be launching a JV with focus on renewable energy
- The new venture will set up renewable energy projects in India and the overseas
- For NTPC, the new venture will accelerate its renewable energy capacity expansion and ONGC hopes to strengthen its presence in the renewable energy sector
Indian state-owned electric utility National Thermal Power Corporation Ltd. (NTPC) has joined hands with another government public sector undertaking (PSU), the Oil and Natural Gas Corporation (ONGC) to float a new joint venture with focus on renewable energy. The event was held via video conferencing.
Both the companies have entered into a memorandum of understanding (MoU) to set up the joint venture company to develop projects in India as well asd overseas. Some of the renewable energy fields that the venture will explore include offshore wind, storage, e-mobility, sustainability and Environmental, Social and Governance (ESG) compliant projects.
With this tie-up, NTPC says it would accelerate its renewable energy capacity addition program and expand in offshore wind and overseas renewable energy projects in line with its target to have 32 GW renewable energy projects portfolio by 2032. Currently, the company has 920 MW of installed renewables capacity and some 2.3 GW under construction.
For ONGC, the new vehicle will enhance its presence in the renewable energy sector as outlined in its Energy Strategy 2040 plan. Presently, the crude oil company has a renewables portfolio of 176 MW comprising 153 MW wind and 23 MW solar.