JV to work on sustainable projects
NTPC Ltd and Oil and Natural Gas Corporation Limited (ONGC) have signed a Memorandum of Understanding (MoU) to set up a Joint Venture Company for Renewable Energy business in India and abroad.
The MoU was signed by A K Gupta, Director (Commercial) NTPC and Subhash Kumar, Director (Finance) and In-charge Business Development and Joint Venture, ONGC, said the Power Ministry on 22 May 2020. It was signed on Virtual conferencing mode.
The JV will also explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.
NTPC presently has 920 MW of installed Renewable power projects in its portfolio with about 2,300 MW of RE projects under construction.
With this tie-up, NTPC would accelerate its RE capacity addition program and also expand its footprint in offshore wind and overseas Renewable Energy projects.
This will help India’s largest power generator achieve its ambitious target of 32 GW of Renewable Energy Projects by 2032.
ONGC has a renewable portfolio of 176 MW comprising of 153 MW wind power and 23 MW of solar. This development will enhance the presence of ONGC in the Renewable Power business and enable its ambition to add 10 GW of renewable power to its portfolio by 2040.
With NTPC Group’s total installed 62,110 MW capacity, NTPC has 70 Power stations comprising of 24 Coal, seven combined cycle gas/liquid fuel, one Hydro, 13 renewables along with 25 JV Power Stations. fiinews.com