New Delhi: Oil and Natural Gas Corporation (ONGC) has joined hands with NTPC Green Energy Limited (NGEL) to work on renewable energy projects. The two companies signed a Memorandum of Understanding (MoU) on September 27, 2023. This agreement aims to explore the feasibility and establishment of renewable energy projects in various areas.

The MoU was signed by ONGC's Executive Director, Debdulal Adhikari, and NGEL's CEO, Mohit Bhargava. It took place in the presence of ONGC's Chairman & CEO, Arun Kumar Singh, and NTPC Limited's Chairman and Managing Director & CEO, Gurdeep Singh.

This partnership between ONGC and NGEL will focus on renewable power projects, including offshore wind projects, both in India and overseas. They will also explore opportunities in energy storage, electric mobility, carbon credits, green credits, nuclear energy, green hydrogen, and its related products like green ammonia and green methanol.

ONGC, known for its core exploration and production business, has been diversifying into sectors like petrochemicals, power, and SEZ development through joint ventures. They have already installed around 189 MW of renewable energy capacity from wind and solar PV plants in different locations. ONGC aims to reach 10 GW of renewable energy capacity by 2030 and has set a net-zero emissions target (Scope 1 & Scope 2) by 2038.

NTPC is India's largest power utility with a primary focus on power generation, boasting a total installed capacity of over 73 GW, including joint ventures and subsidiaries. To expand their renewable energy portfolio, they have established a wholly-owned subsidiary called "NTPC Green Energy Limited" (NGEL), which will handle renewable energy parks and projects, including offshore wind projects, green hydrogen, energy storage technologies, carbon markets, and round-the-clock renewable power.