Oil and Natural Gas Corporation (ONGC) signed a Memorandum of Understanding (MoU) with NTPC Green Energy Limited (NGEL). The agreement marks a significant step in advancing ONGC’s renewable energy objectives as part of its energy transition strategy.
Focus Areas of Collaboration
The agreement between the brands outlines a collaborative approach between the two entities to develop renewable power projects in India and abroad.
Key areas of focus include:
- Offshore wind energy projects.
- Energy storage solutions.
- E-mobility advancements.
- Carbon and green credit markets.
- Exploration of nuclear energy.
- Green hydrogen and its derivatives, such as green ammonia and green methanol.
Renewable Energy Ambitions
ONGC has been actively diversifying beyond its core business of oil and gas exploration.
Over the years, it has expanded into petrochemicals, power generation, and SEZ development through joint ventures.
ONGC has also made strides in renewable energy, achieving an installed capacity of 189 MW through wind and solar photovoltaic plants across multiple locations.
As part of its energy strategy, ONGC aims to achieve a renewable energy capacity of 10 GW by 2030.
The company has also committed to achieving net zero emissions (Scope One and Scope Two) by 2038, underlining its dedication to a sustainable future.
Renewable Energy Leadership
NTPC, India’s largest power utility, has an installed capacity exceeding 73 GW, including contributions from its subsidiaries and joint ventures.
To strengthen its renewable energy portfolio, NTPC established NGEL as a fully owned subsidiary.
NGEL focuses on renewable energy parks and projects, including offshore wind, green hydrogen, energy storage technologies, carbon markets, and round-the-clock renewable energy solutions.
Path Ahead
The partnership between ONGC and NGEL is expected to unlock significant opportunities for innovation and growth in renewable energy.
As per the press release, with a shared vision for sustainability and energy transition, the two companies are set to contribute to India’s green energy ambitions while exploring international prospects.
