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India's top oil producer ONGC and the nation's biggest power firm NTPC on Wednesday signed a joint venture agreement to set up offshore wind energy projects as the two firms look to boost collaboration in renewable energy.
The pact was signed during India Energy Week here.
"The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage," Oil and Natural Gas Corporation (ONGC) said in a statement.
"Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol."
The joint venture agreement was signed by NTPC Green Energy Limited (NGEL) CEO Mohit Bhargava, and ONGC executive director Satish Kumar Dwivedi. The signing took place in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC Limited chairman and managing director Gurdeep Singh.
In December, ONGC received the government nod to set up a new unit to house its gas business and clean energy projects like green hydrogen, as it looked to fast-track foray into new areas.
It has named the company ONGC Green Limited. The wholly-owned subsidiary company will be for value-chains of energy business such as green hydrogen, hydrogen blending, renewable energy (solar, wind and hybrid), biofuels/ biogas business and LNG, ONGC had said.
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The nation's largest oil and gas producer plans to spend Rs 1 lakh crore on installing 10 GW of renewable energy capacity, and setting up two million tonnes of green ammonia annual production capacity by 2035 as part of its decarbonisation strategy.
ONGC's joint venture company with NTPC will look at projects in offshore wind energy and other renewal energy.
ONGC had in September last year inked an agreement with NTPC Green Energy Limited for the development of renewable energy projects. The agreement envisaged collaborations on offshore wind projects and exploring opportunities in the storage, e-mobility, carbon credits and green credits, nuclear, green hydrogen business and its derivatives (green ammonia and green methanol).
ONGC has a renewable portfolio of 176 MW, comprising 153 MW of wind power and 23 MW of solar. It is aiming to add 10 gigawatts of renewable power to its portfolio by 2040.
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