In a significant move towards fostering sustainability and embracing renewable energy, Oil and Natural Gas Corporation (ONGC) has entered into a Memorandum of Understanding (MoU) with NTPC Green Energy (NGEL) on 27th September 2023. The MoU aims to propel ONGC’s transition towards renewable energy and entails an exploration of various domains for the feasibility and establishment of Renewable Energy Projects.
The MoU signing ceremony witnessed the presence of ONGC Chairman & CEO Arun Kumar Singh and NTPC Chairman and Managing Director & CEO Gurdeep Singh. The formal agreement was sealed by ONGC Executive Director Debdulal Adhikari and NGEL CEO Mohit Bhargava, signifying a collaborative commitment to sustainable energy goals.
This strategic collaboration envisions joint efforts by these major entities in Renewable Power Projects both within India and on the international front, encompassing offshore wind projects. Additionally, the agreement entails exploration and investment opportunities in Storage, E-mobility, Carbon Credits, Green Credits, Nuclear, Green Hydrogen business, and its derivatives like Green Ammonia and Green Methanol.
ONGC has demonstrated its dedication to renewable energy by already implementing various initiatives for renewable energy power generation. Presently, ONGC operates a cumulative capacity of approximately 189 MW across wind and solar PV plants distributed across diverse locations.
ONGC’s ambitious Energy Strategy has a clear focus on advancing its presence in the renewable energy sector, with a target of achieving 10 GW of Renewable Energy Capacity by 2030. Furthermore, ONGC has set a commendable Net Zero target (Scope 1 & Scope 2) by the year 2038.
On the other hand, NTPC, as India’s leading Power Utility, has a core business in power generation with an impressive total installed capacity exceeding 73 GW.
This collaboration marks a substantial leap towards a sustainable future, contributing significantly to the global efforts to combat climate change and reduce the carbon footprint while fostering a cleaner and greener energy landscape.