India’s NTPC and Oil and Natural Gas Corporation (ONGC) have signed a Memorandum of Understanding to set up a joint venture company for the renewable energy business.
NTPC and ONGC will explore the setting up of offshore wind and other renewable energy projects in India and overseas. Opportunities within the fields of sustainability, storage, E-mobility, and Environmental, Social and Governance compliant projects will also be explored.
The MoU is expected to enable both companies to accelerate their footprint in renewable energy. NTPC has a target of developing 32 GW of renewable energy projects by 2032. ONGC has ambition to add 10 GW of renewable power to its portfolio by 2040.