Oil and Natural Gas Corporation Limited (ONGC) and NTPCÂ have signed a preliminary agreement to set up a joint venture for a renewable energy project and entered into a memorandum of understanding (MoU) on 21st May 2020 in New Delhi to formalize the agreement.
Key Points:
i.The MoU was signed by Subhash Kumar, Director (Finance) of ONGC and In-charge of Business Development and Joint Ventures, and AK Gupta, Director (Commercial) NTPC in the presence of Shashi Shanker, Chairman and Managing Director(ONGC) and Gurdeep Singh,Chairman and Managing Director(NTPC) along with the Directors of both the enterprises through the virtual conference.
ii.The MoU enables both the companies to reach their respective targets in the business of renewable energy.
iii.The NTPC and ONGC will set up renewable power assets including the offshore wind, in India and overseas and explore the opportunities in the sustainability, storage, e-mobility and Environmental, Social and Governance(ESG) compliant projects.
iv.ONGC has a renewable portfolio of 176 MW which is 153 MW of wind power and 23 MW of solar power and its aim to add 10GW of renewable power by 2040 and NTPC has a renewable power capacity of 920 MW installed in its existing 2300 MW of Projects under construction and trying to reach a 32 GW in 2032.
v.The total installed capacity of NTPC is 62110 MW. NTPC has 70 Power stations which consist of 24 COal, 7 combined cycle gas/liquid fuel, 1 hydro and 13 renewables with 25 JV Power stations.
vi.This joint venture of ONGC and NTPC will show a significant growth in the renewable power sector by expanding footprints in the offshore and overseas Renewable energy projects.
About ONGC:
Chairman & Managing Director – Sashi Shanker
Directors – Subash Kumar (Finance) , Rajesh Kakkar(Offshore), Sanjay Kumar Moitra(Onshore), Alka Mittal (HR) , Rajesh Kumar Srivastava (Exploration), Om Prakash Singh(T&FS)
Headquarters – New Delhi
About NTPC:
Chairman & Managing Director – Gurdeep Singh
Directors –AK Gupta(Commercial), AK Gautam(Finance), Dillip Kumar Patel(HR), Ramesh Babu V(Operations)Â
Established in – 1975
