NTPC Green Energy Ltd (NGEL), an arm of NTPC, and Oil and Natural Gas Corp. Ltd (ONGC) have signed a memorandum of understanding (MoU) for the development of renewable energy and offshore wind power projects in line with the government of India’s commitments on energy transition.
The MoU envisages collaboration in various areas of renewable energy in India and overseas. This includes offshore wind projects and exploring opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives (green ammonia and green methanol).
NTPC is India’s largest power utility with the core business of power generation. It has a total installed capacity of more than 73 GW (including JVs and subsidiaries). It has formed a wholly owned subsidiary NTPC Green Energy Ltd (NGEL) to 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.
NTPC Group targets 60 GW of RE capacity by the year 2032 and is currently working on a pipeline of 20+ GW, out of which over 3 GW is operational capacity.
ONGC has a presence along the entire oil and gas value chain including refining, petrochemicals, and oil and gas marketing. It has taken initiatives for diversification in RE power generation and installed around 189 MW capacity including wind and solar PV plants spread across various locations. ONGC intends to achieve 10 GW of RE capacity by 2030 and targets net zero (Scope 1 and Scope 2) by 2038.
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