India’s top oil and gas producer ONGC and country’s biggest electricity generator NTPC have signed a preliminary agreement to set up a joint venture company for renewable energy projects. Oil and Natural Gas Corp (ONGC) and NTPC Ltd “entered into a memorandum of understanding (MoU) on May 21, 2020 in New Delhi to formalize this arrangement,” ONGC said in a statement.
The MoU will enable both companies to achieve their respective targets in renewable energy business. “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,” the statement said.
