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Oil and Natural Gas Corporation (ONGC) and NTPC are planning to set up a joint venture company for the renewable energy business.
The two have signed a memorandum of understanding on Thursday in Delhi to formalise this arrangement.
“The MoU will enable both companies to achieve their targets in renewable energy business,” an ONGC statement said.
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 fields of sustainability, storage, e-mobility and ESG (Environmental, Social and Governance) compliant projects, the statement added.
ONGC has a renewable portfolio of 176 MW comprising 153 MW wind power and 23 MW solar. NTPC has 920 MW of installed renewable power capacity in its portfolio with about 2300 MW of renewable energy projects under construction and aims to reach 32 GW by 2032.
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