Oil and Natural Gas Corporation (ONGC) and National Thermal Power Corporation Ltd (NTPC) "entered into a memorandum of understanding on May 21, 2020, in New Delhi to formalize the arrangement.
India's top oil and gas producer ONGC and country's biggest electricity generator NTPC have signed a preliminary agreement to set up a joint venture company for renewable energy projects.
The MOU will enable both companies to achieve their respective targets in the renewable energy business.
"As per the MOU, NTPC and ONGC will explore and set up renewable power assets including offshore wind, in India and overseas, and explore opportunities in the field of sustainability, storage, e-mobility, and ESG(Environmental, social and governance) complaint projects.
ONGC has a renewable portfolio of 176 MW comprising 153 MW wind power and 23 MW of solar plants.
Through this collaboration of NTPC and ONGC expect significant growth in its presence in the renewable power sector.
ONGC's energy strategy 2040 documents calls for the company to invest in renewable energy source with a target to create 5-10 gigawatt portfolio with a focus on offshore wind power.
NTPC, with a 920 MW of installed renewable power capacity in it portfolio with about 2300 MW of renewable energy projects under construction and aspiring to reach 32 GW by 2023, will benefit from this tie-up by expanding its footprint in offshore wind and overseas renewable energy projects.
India's top oil and gas producer ONGC and country's biggest electricity generator NTPC have signed a preliminary agreement to set up a joint venture company for renewable energy projects.
The MOU will enable both companies to achieve their respective targets in the renewable energy business.
"As per the MOU, NTPC and ONGC will explore and set up renewable power assets including offshore wind, in India and overseas, and explore opportunities in the field of sustainability, storage, e-mobility, and ESG(Environmental, social and governance) complaint projects.
ONGC has a renewable portfolio of 176 MW comprising 153 MW wind power and 23 MW of solar plants.
Through this collaboration of NTPC and ONGC expect significant growth in its presence in the renewable power sector.
ONGC's energy strategy 2040 documents calls for the company to invest in renewable energy source with a target to create 5-10 gigawatt portfolio with a focus on offshore wind power.
NTPC, with a 920 MW of installed renewable power capacity in it portfolio with about 2300 MW of renewable energy projects under construction and aspiring to reach 32 GW by 2023, will benefit from this tie-up by expanding its footprint in offshore wind and overseas renewable energy projects.
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