NTPC Ltd, India’s largest utility, and Oil and Natural Gas Corporation Limited (ONGC) have signed a memorandum of understanding (MoU) to set up a joint venture company for renewable energy projects, focusing primarily on offshore wind
In a statement, NTPC said the agreement will enable both companies to accelerate their footprint in the renewable energy sector.
NTPC and ONGC will explore opportunities to set up offshore wind and other renewable energy projects in India and overseas. They also plan to explore opportunities in storage, e-mobility and ESG projects.
NTPC has 920 MW of renewable power projects in its portfolio and about 2.3 GW under construction. It hopes the joint venture will enable it to accelerate additions of new renewable energy capacity and expand its footprint in offshore wind in India and outside the country. It hopes this will enable it to achieve its ambitious target of 32 GW of renewable energy projects by 2032.
ONGC has a renewable portfolio of 176 MW comprising 153 MW of wind power and 23 MW of solar. It has an ambition to develop 10 GW of renewable power by 2040.
Riviera will host a week of free to attend 45-minute webinars focused on offshore wind commencing 8 June. Register your interest now