The two public sector 'maharatnas' signed a memorandum of understanding on Thursday (21 May) for the joint venture which aims to enable both companies to achieve their targets in the 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.
ONGC has a renewable portfolio of 176 MW comprising of 153 MW wind power and 23 MW of solar. Through this collaboration with NTPC, ONGC envisages significant growth in its presence in the renewable power sector as outlined in its energy strategy 2040 document.
Similarly, NTPC, with a 920 MW of installed renewable power capacity inits portfolio with about 2300 MW of renewable energy projects under construction and aspiring to reach 32 GW by 2032, will benefit from this tie up by expanding its footprint in offshore wind and overseas renewable energy projects as well.
Shares of NTPC were down 1.44% to Rs 89.05 on BSE. The stock traded in the range of Rs 88.35 to Rs 90.35 so far.
ONGC was down 1.17% to Rs 76.10 on BSE. The scrip hovered in the range of Rs 75.50 to Rs 77.10 so far.
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