India's Oil and Natural Gas Corporation Limited (ONGC) and NTPC ltd have announced plans to set up a Joint Venture (JV) company for renewable energy business. The two companies entered into a Memorandum of Understanding (MoU) on 21 May 2020 in Delhi to formalise this arrangement.
As per the MoU, NTPC and ONGC will aim to establish renewable power assets including offshore wind, in India and overseas, and explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.
ONGC is an integrated energy company with interests in upstream, midstream and downstream sector of the hydrocarbon value chain, LNG, Power generation, petrochemicals and Value Added Products. The company has in-house service capabilities in all areas of Exploration and Production of oil & gas and related oil-field services. ONGC has a renewable portfolio of 176 MW comprising of 153 MW wind power and 23 MW of solar.
NTPC Limited, formerly known as National Thermal Power Corporation Limited, is an Indian electricity generation company. The company's core business is the generation and sale of electricity to state-owned power distribution companies and State Electricity Boards in India. The company also undertakes consultancy and turnkey project contracts that involve engineering, project management, construction management, and operation and management of power plants. It has 920 MW of installed Renewable power capacity in its portfolio with about 2300 MW of Renewable Energy projects under construction and aspiring to reach 32 GW by 2032.
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