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NTPC and ONGC sign MoU to set up JV for Renewable Energy Business

NTPC and ONGC sign MoU to set up JV for Renewable Energy Business

A Memorandum of Understanding (MoU) has been signed by the National Thermal Power Corporation (NTPC) Ltd., a Public Sector Undertaking(PSU) under the Ministry of Power and the Oil and Natural Gas Corporation Limited (ONGC), the PSU under the Ministry of Petroleum and Natural Gas, to establish a Joint Venture Company for Renewable Energy business.

Key Points:

  • The pact signed by the companies will allow both the companies to increase their footprint in the Renewable Energy sector at an accelerated pace.
  • The MoU was signed via Virtual conferencing mode by Shri A K Gupta, Director (Commercial) NTPC and Shri Subhash Kumar, Director (Finance) and In-charge Business Development and Joint Venture, ONGC.
  • According to the contract, exploration for establishing offshore wind and other Renewable Energy Projects in India and overseas will be done by both the PSUs.
  • Opportunities will also be explored in the fields of E-mobility, storage, sustainability, and ESG (Environmental, Social and Governance) compliant projects.
  • With the signing of the MoU, Renewable Energy capacity of NTPC would be accelerated, and the footprint in offshore wind and overseas Renewable Energy projects of the company will be expanded.
  • The pact will help India's largest power generator achieve its ambitious target of 32 GW of Renewable Energy Projects by 2032.

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