Gulf Oil and Gas accountACCOUNT

ONGC & NTPC Sign MOU to Set Up JV for Renewable Energy Business

Source: www.gulfoilandgas.com 5/21/2020, Location: Asia

Oil and Natural Gas Corporation Limited (ONGC) and NTPC ltd are planning to set up a Joint Venture Company for Renewable Energy business. The two Maharatnas entered into a Memorandum of Understanding (MoU) on 21 May 2020 in Delhi to formalize this arrangement. The MoU will enable both companies to achieve their targets in Renewable Energy business.

The MOU was signed by ONGC Director (Finance) and In-charge Business Development and Joint Ventures Mr. Subhash Kumar and Director (Commercial) NTPC, Mr. A K Gupta. ONGC CMD Mr. Shashi Shanker and NTPC CMD Mr. Gurdeep Singh (on Virtual conferencing) along with the Directors of two public enterprises witnessed the occasion.

As per the MoU, NTPC and ONGC will explore and set up Renewable Power assets including offshore wind, in India and overseas, and explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.

ONGC has a renewable portfolio of 176 MW comprising of 153 MW wind power and 23 MW of solar. Through this collaboration with NTPC, ONGC envisages significant growth in its presence in the Renewable Power sector as outlined in its Energy Strategy 2040 document.

Similarly, NTPC, with a 920 MW of installed Renewable power capacity in its portfolio with about 2300 MW of Renewable Energy projects under construction and aspiring to reach 32 GW by 2032, will benefit from this tie up by expanding its footprint in offshore wind and overseas Renewable energy projects as well.

Renewable Energy News in India >>

United States >>  8/12/2020 - Phillips 66, a diversified energy manufacturing and logistics company, plans to reconfigure its San Francisco Refinery in Rodeo, California, to produc...
Norway >>  8/11/2020 - DNV GL published a new report outlining how the energy transition can be accelerated through the rapid uptake of renewable energy to limit global warm...

United States >>  8/11/2020 - ExxonMobil has signed an agreement with Global Clean Energy Holdings to purchase 2.5 million barrels of renewable diesel per year for five years from ...
United Kingdom >>  8/6/2020 - Ozop Energy Solutions. (OZSC), announced that its wholly owned subsidiary, Power Conversion Technologies, Inc. (PCTI) has begun a partnership with Tal...

United Kingdom >>  8/6/2020 - Partnering and co-ordinating infrastructure important for decarbonisation
The integration of offshore energy systems, including oil and gas, ren...

United Kingdom >>  8/6/2020 - Petrofac, the international service provider to the energy industry, has signed a Memorandum of Understanding (MOU) with independent clean energy cham...




India Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 |

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.