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ONGC inks MoU with NTPC Green Energy Limited for Development of Renewable Energy Projects
Mumbai, 27th September 2023
Oil and Natural Gas Corporation (ONGC) inked a Memorandum of Understanding (MoU) with NTPC Green Energy Limited (NGEL) to realize its Renewable energy objectives toward energy transition on 27 September 2023. The MoU will primarily explore the feasibility and setting up of Renewable Energy Projects in various domains.
The MoU was signed by ONGC Executive Director Debdulal Adhikari (left) and CEO (NGEL) Mohit Bhargava in the presence of ONGC Chairman & CEO Arun Kumar Singh and NTPC Limited Chairman and Managing Director & CEO Gurdeep Singh.
The MoU envisages collaboration of the two mega entities in Renewable Power Projects in India and Overseas through offshore wind projects and exploring opportunities in the Storage, E-mobility, Carbon Credits and Green Credits, Nuclear, Green Hydrogen business and its derivatives (Green Ammonia and Green Methanol).
Over the years ONGC, apart from its core Exploration & Production business, has diversified its business in Petrochemicals, Power, and SEZ development business through Joint Venture route. Going forward into diversification ONGC has taken initiatives for Renewable Energy power generation and installed around 189 MW capacity including wind and solar PV plants spread across various locations. ONGC’s Energy Strategy focuses on renewable energy business. ONGC intends to achieve 10 GW RE Capacity by 2030 and has set a Net Zero target (Scope 1 & Scope 2) by 2038.
NTPC is India’s largest Power Utility with a core business of power generation having a total installed capacity of more than 73 GW (including JVs and subsidiaries). As part of increasing its renewable energy portfolio, a fully owned subsidiary has been formed as “NTPC Green Energy Limited” (NGEL) which shall take up Renewable Energy Parks and Projects including business in Offshore Wind Projects, Green Hydrogen, Energy Storage Technologies, Carbon Markets, and Round the Clock RE Power.
