NTPC and ONGC have signed an MoU to set up a Joint Venture Company for the Renewable Energy business. This will enable both the companies to accelerate their mark in the field of Renewable Energy. The ONGC has an ambition of adding 10 GW of renewable power to its portfolio by 2040.
The two companies will explore the setting up of offshore wind and other Renewable Energy Projects in India as well as overseas with this tie-up. Both the companies will seek opportunities in the area of sustainability, storage, E-mobility, Environmental, Social and Governance (ESG) compliant projects.
The tie-up will enhance NTPC’s Renewable Energy capacity addition program and also the presence of ONGC in the Renewable Power business.