NTPC to expand renewable energy business, forms joint venture with ONGC

With this tie-up, NTPC can achieve its ambitious target of 32 GW of renewable energy projects by 2032

State-owned National Thermal Power Corporation (NTPC) signed on Friday a Memorandum of Understanding (MoU) with Oil and Natural Gas Corporation (ONGC), the PSU under Ministry of Petroleum & Natural Gas to set up a joint venture company for renewable energy projects.

According to the MoU, both the government-operated PSUs will explore the setting up of offshore wind and other renewable energy projects in India and overseas. They will also look for opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects, said an official statement.