New Delhi: The National Thermal Power Corporation (NTPC), a Government of India Undertaking signed a Memorandum of Understanding (MoU) on Friday with Oil and Natural Gas Corporation (ONGC), the PSU under Ministry of Petroleum & Natural Gas to set up a joint venture company for renewable energy projects.
According to the MoU, both the government-operated PSUs will explore the setting up of offshore wind and other renewable energy projects in India and overseas. They will also look for opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects, said an official statement.
With this tie-up, NTPC can achieve its ambitious target of 32 GW of renewable energy projects by 2032.
This development will enhance the presence of ONGC in the renewable power business and enable its ambition to add 10 GW of renewable power to its portfolio by 2040, as per the official statement.
The MoU was signed by A K Gupta, Director (Commercial) NTPC and Subhash Kumar, Director (Finance) and In-charge Business Development and Joint Venture, ONGC.
It was signed in the virtual conferencing mode in the presence of Gurdeep Singh, CMD NTPC and Shashi Shanker, CMD ONGC along with the other Directors and officials of both the companies.