In a joint venture for renewable energy, ONGC and NTPC

In an effort to increase cooperation in renewable energy, India's largest power company, NTPC, and its leading oil producer, ONGC, signed a joint venture deal on Wednesday to establish offshore wind energy projects. Here, during India Energy Week, the agreement was inked.
Oil and Natural Gas Corporation (ONGC) released a statement saying, "The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage."

"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."

CEO of NTPC Green Energy Limited (NGEL) Mohit Bhargava and executive director of ONGC Satish Kumar Dwivedi inked the joint venture agreement. Arun Kumar Singh, the chairman and CEO of ONGC, and Gurdeep Singh, the chairman and managing director of NTPC Limited, witnessed the signing.

The joint venture between ONGC and NTPC will investigate initiatives related to offshore wind generation and other renewable energy sources.

An agreement was signed by ONGC and NTPC Green Energy Limited in September of last year to build renewable energy projects. In addition to investigating prospects in storage, e-mobility, nuclear power, carbon credits and green credits, green hydrogen and its derivatives (green ammonia and green methanol), and offshore wind projects, the agreement also called for collaborations on these projects.

ONGC possesses a 176 MW renewable portfolio, consisting of 23 MW of solar and 153 MW of wind power. By 2040, it wants to increase the amount of renewable energy in its portfolio by 10 gigawatts.