ONGC inks MoU with NTPC Green Energy to focus on offshore wind energy projects
ONGC, India's leading oil producer, has forged a joint venture (JV) agreement with NTPC, the country's largest power company
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ONGC, India's leading oil producer, has forged a joint venture (JV) agreement with NTPC, the country's largest power company, to establish offshore wind energy projects, solidifying their commitment to enhancing cooperation in the realm of renewable energy. This collaboration, signed during India Energy Week, signifies a significant step towards advancing renewable energy initiatives both domestically and internationally.
Under the agreement, the JV will focus on offshore wind projects and explore potential opportunities in various areas such as storage, e-mobility, carbon credits, green hydrogen, and its derivatives like green ammonia and green methanol. The pact, signed by the CEOs of NTPC Green Energy Limited (NGEL) and an executive director of ONGC, took place in the presence of the respective chairpersons and managing directors of both companies.
In December, ONGC received governmental approval to establish a new subsidiary, ONGC Green Limited, dedicated to its gas business and clean energy projects, including green hydrogen and renewable energy endeavors such as solar, wind, and hybrid projects. ONGC aims to invest Rs 1 lakh crore in installing 10 GW of renewable energy capacity and establishing two million tonnes of green ammonia annual production capacity by 2035 as part of its decarbonization strategy.
ONGC's joint venture with NTPC will primarily focus on offshore wind energy projects, aligning with ONGC's ambition to expand its renewable energy portfolio. Previously, in September of the previous year, ONGC had entered an agreement with NTPC Green Energy Limited, outlining collaborations in offshore wind projects, storage, e-mobility, carbon credits, green hydrogen, and its derivatives.
ONGC currently possesses a renewable portfolio of 176 MW, comprising 153 MW of wind power and 23 MW of solar power. With a target of adding 10 gigawatts of renewable power to its portfolio by 2040, ONGC is steadfast in its commitment to sustainable energy initiatives.
