ONGC, NTPC ink pact for renewable energy

8 Feb 2024 , 11:39 AM

ONGC, India’s largest oil producer, and NTPC, the country’s largest power company, inked a joint venture agreement on Wednesday to establish offshore wind energy projects as the two companies seek to increase collaboration in renewable energy. The agreement was struck during India Energy Week here.

‘The joint venture agreement represents a significant partnership focused on leading renewable energy initiatives, both domestically in India and globally,’ stated ONGC.

The joint venture agreement was signed by Mohit Bhargava, CEO of NTPC Green Energy Limited, and Satish Kumar Dwivedi, executive director of ONGC. Arun Kumar Singh, chairman and managing director of ONGC, and Gurdeep Singh, chairman and managing director of NTPC Limited, witnessed the signing.

In December, ONGC gained government approval to establish a new entity to house its gas business and renewable energy initiatives such as green hydrogen, as it sought to accelerate its expansion into new fields.

It named the firm ONGC Green Limited. The wholly-owned subsidiary company will focus on energy value chains such as green hydrogen, hydrogen blending, renewable energy (solar, wind, and hybrid), biofuels/biogas industry, and LNG, according to ONGC.

ONGC’s joint venture with NTPC would consider projects in offshore wind energy and other renewable energy.

ONGC has a renewable portfolio of 176 MW, which includes 153 MW of wind power and 23 MW of solar. It plans to add 10 gigawatts of renewable electricity to its portfolio by 2040.

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