NTPC to expand renewable energy business, forms joint venture with ONGC

NTPC to expand renewable energy business, forms joint venture with ONGC

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State-owned National Thermal Power Corporation (NTPC) signed on Friday a Memorandum of Understanding (MoU) with Oil and Natural Gas Corporation (ONGC), the PSU under Ministry of Petroleum & Natural Gas to set up a joint venture company for projects.


According to the MoU, both the government-operated PSUs will explore the setting up of offshore wind and other projects in India and overseas. They will also look for opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects, said an official statement.



 


With this tie-up, can achieve its ambitious target of 32 GW of projects by 2032.


This development will enhance the presence of in the renewable power business and enable its ambition to add 10 GW of renewable power to its portfolio by 2040, as per the official statement.


The MoU was signed by A K Gupta, Director (Commercial) and Subhash Kumar, Director (Finance) and In-charge Business Development and Joint Venture,


It was signed in the virtual conferencing mode in the presence of Gurdeep Singh, CMD and Shashi Shanker, CMD along with the other Directors and officials of both the





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