The MoU is seen to support both ONGC and NTPC in achieving their renewable energy business targets.
According to the agreement, NTPC and ONGC will explore and set up Renewable Power assets including offshore wind, in India and overseas, and explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.
Currently, ONGC is equipped with 176 MW renewable portfolio comprising of 153 MW wind power and 23 MW of solar.
Through this collaboration with NTPC, ONGC states that they plan to envisage significant growth in its presence in the Renewable Power sector as outlined in its Energy Strategy 2040 document.
Meanwhile, NTPC has a 920 MW of installed renewable power capacity in its portfolio with about 2300 MW of Renewable Energy projects under construction.
NTPC aims to reach 32 GW by 2032, will benefit from this tie-up by expanding its footprint in offshore wind and overseas Renewable energy projects as well.
On Sensex, ONGC stock is trading down by 1% to Rs76.20 per piece at around 2.58 pm. While NTPC stock price is trading flat at Rs91.05 per piece.