NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of India’s largest power utility, NTPC, and ONGC (Oil and Natural Gas Corporation) have inked a significant Memorandum of Understanding (MoU) to advance renewable energy and offshore wind power projects, aligning with the Government of India’s Energy Transition commitments. The MoU was signed by Shri Mohit Bhargava, CEO of NGEL, and Shri Deb Adhikari, Executive Director of Joint Ventures and Business Development at ONGC, in the presence of esteemed dignitaries including Shri Gurdeep Singh, CMD of NTPC, and Shri Arun Kumar Singh, Chairman and CEO of ONGC.
This collaborative agreement between NGEL and ONGC encompasses a wide spectrum of initiatives within the renewable energy sector, both within India and abroad. It includes the development of offshore wind energy projects, exploration of opportunities in energy storage, electric mobility solutions, carbon credits, green credits, and green hydrogen production, along with its derivatives such as Green Ammonia and Green Methanol.
NTPC, known for its substantial power generation capacity, has established NGEL as a subsidiary to expand its presence in renewable energy, including offshore wind projects, green hydrogen production, energy storage technologies, carbon markets, and continuous renewable energy power generation. NTPC aims to reach 60 GW of renewable energy capacity by 2032, with over 3 GW currently operational.
ONGC, on the other hand, boasts extensive expertise in the exploration and production of petroleum and natural gas, as well as a diverse presence in the oil and gas value chain, including refining, petrochemicals, and marketing. ONGC has also ventured into renewable power generation with approximately 189 MW of installed capacity from wind and solar PV plants. With an ambitious target of achieving 10 GW of renewable energy capacity by 2030 and a net-zero emissions goal by 2038, ONGC is actively diversifying into the renewable energy sector.
This strategic partnership between NGEL and ONGC represents a significant step towards bolstering India’s renewable energy sector and supporting the nation’s transition to cleaner and more sustainable energy sources.