Indian government's energy transition, the state-run Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy Limited (NGEL) signed a memorandum of understanding (MoU) to examine the development of renewable energy and offshore wind power projects.
The collaboration will also pursue initiatives in several fields of renewable energy both in India and abroad, including offshore wind projects, opportunities in storage, e-mobility, carbon credits, green credits, the business of green hydrogen, and its derivatives (green ammonia and green methanol).
In the presence of Gurdeep Singh, CMD of NTPC, and Arun Kumar Singh, Chairman and CEO of ONGC, Mohit Bhargava, CEO of NGEL, and Deb Adhikari, ED-JV and BD of ONGC, signed the MoU. Through joint ventures, ONGC has expanded its business over the years beyond its core exploration and production activities into petrochemicals, power, and SEZ development.
As part of its diversification efforts, ONGC has deployed roughly 189 MW of renewable energy power generation capacity, including wind and solar PV plants dispersed across several sites. The renewable energy sector is the emphasis of ONGC's energy strategy. By 2030, ONGC hopes to reach 10 GW of renewable energy capacity, and by 2038, it wants to be net-zero.
With a total installed capacity of more than 73 GW, NTPC is the largest power utility in India. Its primary activity is the generation of electricity. A fully owned subsidiary named "NTPC Green Energy Limited" (NGEL) has been established as part of the company's efforts to expand its portfolio of renewable energy sources. NGEL will pursue renewable energy parks and projects, including those involving offshore wind farms, green hydrogen, energy storage technologies, carbon markets, and continuous RE power.
