NTPC signs MoU with ONGC to set up JV for renewable energy business

Date: 22-05-2020

NTPC and Oil and Natural Gas Corporation (ONGC) have signed a Memorandum of Understanding (MoU) on May 21, 2020 at Delhi to set up a Joint Venture (JV) Company for Renewable Energy business. This MoU will enable both companies to accelerate their footprint in the Renewable Energy.

As per the MoU, NTPC and ONGC will explore the setting up of offshore wind and other Renewable Energy Projects in India and overseas. They shall also explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.

NTPC, presently has 920 MW of installed Renewable power projects in its portfolio and about 2300 MW of RE projects under construction. With this tie up NTPC would accelerate its RE capacity addition program and also expand its footprint in offshore wind and overseas Renewable energy projects in the process for realising its ambitious target of 32 GW of Renewable Energy Projects by 2032.

NTPC is the largest power utility company in India and has presence in Coal, Gas, Solar PV, Hydro and Wind Power Generation and Coal Mining.

NTPC Ltd.

NTPC signs MoU with ONGC to set up JV for renewable energy business