NTPC Ltd signs MoU with ONGC for Renewable Energy business

NTPC Ltd., the PSU under Ministry of Power, signed a Memorandum of Understanding (MoU) with Oil and Natural Gas Corporation Limited (ONGC), the PSU under Ministry of Petroleum & Natural Gas on 22 May. The MoU aimed to set up a Joint Venture (JV) Company for the Renewable Energy business.
The MoU will enable NTPC and ONGC to accelerate their footprint in Renewable Energy.
As per the MoU, NTPC and ONGC will explore the setting up of offshore wind and other Renewable Energy (RE) Projects in India and overseas.
The companies will explore opportunities in the fields of sustainability, storage, E-mobility and Environmental, Social, and Governance (ESG) compliant projects.
The tie-up will accelerate NTPC's RE capacity addition program and expand its footprint in offshore wind and overseas RE projects. At present, NTPC has 920 MW of installed Renewable power projects in its portfolio and about 2300 MW of RE projects under construction.