(MENAFN- KNN India)
ONGC Inks MoU With NTPC Green Energy For Renewable Energy, Offshore Wind Power Projects
New Delhi, Sept 30 (KNN)
Oil and Natural Gas Corporation (ONGC) inked a memorandum of understanding (MoU) with NTPC Green Energy Limited (NGEL) to explore the development of renewable energy and offshore wind power projects.
The MoU was signed by Mohit Bhargava, CEO of NGEL and Deb Adhikari ED-JV and BD of ONGC in the presence of Gurdeep Singh, CMD of NTPC and Arun Kumar Singh, Chairman and CEO of ONGC.
As per reports, the collaboration is also to pursue initiatives in various areas of renewable energy in India and overseas, which include offshore wind projects, exploring opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business and its derivatives (green ammonia and green methanol).
Over the years ONGC, apart from its core exploration & production business, has diversified its business in petrochemicals, power, and SEZ development business through joint venture route.
Going forward into diversification ONGC has taken initiatives for Renewable Energy power generation and installed around 189 MW capacity including wind and solar PV plants spread across various locations.
ONGC's Energy Strategy focuses on renewable energy business. It intends to achieve 10 GW RE Capacity by 2030 and has set a net zero target (Scope 1 & Scope 2) by 2038.
NTPC is India's largest Power Utility with core business of power generation having a total installed capacity of more than 73 GW (including JVs and subsidiaries).
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