National Thermal Power Corporation (NTPC) announced that its wholly-owned subsidiary, NTPC Green Energy Limited (NGEL) and Oil and Natural Gas Corporation (ONGC) have signed a Memorandum of Understanding (MoU) on September 27 to explore the development of renewable energy and offshore wind power projects in alignment with the Indian government's energy transition objectives.
The collaboration is also to pursue initiatives in various areas of renewable energy in India and overseas, which include offshore wind projects, exploring opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business and its derivatives (green ammonia and green methanol), NTPC said in a statement.
The MoU was signed by Mohit Bhargava, CEO of NGEL and Deb Adhikari ED-JV and BD of ONGC in the presence of Gurdeep Singh, CMD of NTPC and Arun Kumar Singh, Chairman and CEO of ONGC.
Power generation company NTPC had established a wholly-owned subsidiary named NTPC Green Energy Limited (NGEL) as part of its strategy to expand its renewable energy portfolio.
NGEL is tasked with overseeing renewable energy parks and projects, including business in offshore wind projects, green hydrogen, energy storage technologies, carbon markets and round-the-clock RE Power.
ONGC, a key player in petroleum exploration, production and transportation, operates in the oil and gas value chain, including refining, petrochemicals and oil & gas marketing. The group is also engaged in power generation and distribution and intends to further bolster its presence in the renewable energy sector.
According to the statement, NTPC Group has outlined a plan to achieve a renewable energy capacity of 60 GW by 2032. On the other hand, ONGC has set its sights on attaining a 10 GW renewable energy capacity by 2030 and is committed to achieving a net-zero target (Scope 1 & Scope 2) by 2038.
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