India’s Oil and Natural Gas Corporation Limited (ONGC) and NTPC Ltd. have signed a Memorandum of Understanding (MoU) to arrange a three way partnership firm for the renewable vitality enterprise.
As per the MoU, NTPC and ONGC will discover the establishing of offshore wind and different renewable vitality initiatives in India and abroad.
They shall additionally discover alternatives within the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant initiatives, the businesses stated.
The MoU is predicted to allow each corporations to speed up their footprint in renewable vitality.
ONGC is India’s largest oil and fuel exploration and manufacturing firm.
The state-owned entity presently has a renewable portfolio of 176 MW comprising of 153 MW wind energy and 23 MW of photo voltaic.
The MoU is predicted to extend the corporate’s footprint within the renewable energy enterprise and allow its ambition so as to add 10 GW of renewable energy to its portfolio by 2040.
NTPC is India’s largest energy firm with an put in capability of over 62 GW.
Presently, the state-owned utility has 920 MW of put in renewable vitality energy initiatives in its portfolio and about 2,300 MW of renewable vitality initiatives underneath building.
With this tie-up, NTPC expects to speed up its renewable vitality capability addition program and in addition broaden its footprint in offshore wind and abroad renewable vitality initiatives.
The firm has set a goal of creating 32 GW of renewable vitality initiatives by 2032.
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