NTPC signs JV for renewable energy business

The joint venture will explore offshore wind in India and overseas.

India’s NTPC and Oil and Natural Gas Corporation Limited (ONGC) is setting up a joint venture company for renewable energy business in a signing of a memorandum of understanding (MoU), according to a press release.

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The MoU was signed in a virtual conferencing mode. NTPC and ONGC will explore the setting up of offshore wind and other renewable energy projects in India and overseas. They shall also explore opportunities in the fields of sustainability, storage and e-mobility.

NTPC presently has 920MW of installed renewable power projects in its portfolio and about 2,300MW under construction. Meanwhile, ONGC has a renewable portfolio of 176MW, comprising 153MW of wind power and 23MW of solar.