Indian energy firms forge renewable energy alliance
India's Oil and Natural
Gas Corporation Limited (ONGC) and NTPC Ltdhave 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 21st 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 to 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 2,300 MW of Renewable Energy projects under construction, and
is aspiring to reach 32 GW by 2032.