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NTPC in pact with ONGC to set up Joint Venture Company for Renewable Energy Business

Newdelhi:22/5/20:NTPC Ltd. , the PSU under Ministry of Power and Oil and Natural Gas Corporation Limited (ONGC), the PSU under Ministry of Petroleum &Natural Gas, have signed a Memorandum of Understanding (MoU) to set up a Joint Venture Company for Renewable Energy business. The MoU will enable both companies to accelerate their footprint in Renewable Energy.

The MoU was signed by Shri A K Gupta, Director (Commercial) NTPC and Shri Subhash Kumar, Director (Finance) and In-charge Business Development and Joint Venture, ONGC. The MoU signing activity has been done on Virtual conferencing mode in the august presence of Shri Gurdeep Singh, CMD NTPC and Shri Shashi Shanker, CMD ONGC along with the other Directors and officials of both the companies.

As per the MoU, NTPC and ONGC will explore the setting up of offshore wind and other Renewable Energy Projects in India and overseas. They shall also explore opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects.

NTPC presently has 920 MW of installed Renewable power projects in its portfolio and about 2300 MW of RE projects under construction. With this tie-up, NTPC would accelerate its RE capacity addition program and also expand its footprint in offshore wind and overseas Renewable Energy projects. This will help India’s largest power generator achieve its ambitious target of 32 GW of Renewable Energy Projects by 2032.

ONGC has a renewable portfolio of 176 MW comprising of 153 MW wind power and 23 MW of solar. This development will enhance the presence of ONGC in the Renewable Power business and enable its ambition to add 10 GW of renewable power to its portfolio by 2040.

With NTPC Group’s total installed 62110 MW capacity, NTPC has 70 Power stations comprising of 24 Coal, 7 combined cycle gas/liquid fuel, 1 Hydro, 13 renewables along with 25 JV Power Stations.

 

About Ashok Palit

Ashok Palit has completed his graduation from Upendranath College Soro, Balasore and post graduation from Utkal University in Odia Language and literture.. He has also carved out a niche for himself as a scribe of eminence after joining the profession in 1988. He is also an independent media production professional. He brings loads of experience to Advanced Media, Ashok Palit as a cineaste has been active in film criticism for over three decades. As a film society activist, he soared to eminence for his profound commitment to the art film appreciation and aesthetics of cinema. His mode of discourse is often erudite but always lucid and comprehensible marked by a perfect acumen so rare in the field. A film aesthete with an immense fond of critical sensibilities, he wrote about growth and development of odia cinema in New Indian Express, The Times of India, The Hindustan Times, The Asian Age and Screen. He has been working as an Editor for Cine Samaya from 2002-2004.. He had made solid contribution on cinema in many odia Dailies and weekly such as Samaj, Prajatantra, Dharatri, Samaya, Satabadi, and weekly Samaya.

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