NTPC Signs MoU with ONGC to set up Joint Venture Company for Renewable Energy Business

NTPC Signs MoU with ONGC to set up Joint Venture Company for Renewable Energy Business

  • NTPC Ltd. and Oil and Natural Gas Corporation Limited (ONGC) have signed a Memorandum of Understanding (MoU) to set up a Joint Venture Company for Renewable Energy business.
  • Under the MoU, NTPC and ONGC will explore the setting up of offshore wind and other Renewable Energy Projects in India and overseas and also explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.
  • This JV will enable both companies to accelerate their footprint in Renewable Energy projects.
  • It will also help India’s largest power generator NTPC to achieve its ambitious target of 32 GW of Renewable Energy Projects by 2032, and ONGC’s target of 10 GW of renewable power project by 2040.

Source: PIB

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