Published 17:51 IST, May 25th 2020
NTPC & ONGC sign MoU to expand renewable energy projects in India & overseas
The National Thermal Power Corporation signed a Memorandum of Understanding (MoU) with Oil and Natural Gas Corporation (ONGC), to set up a joint venture
- Republic Business
- 2 min read
The National Thermal Power Corporation on Friday signed a Memorandum of Understanding (MoU) with Oil and Natural Gas Corporation (ONGC), to set up a joint venture company for renewable energy projects. The two government-owned PSUs signed the MoU to 'explore the setting up of offshore wind and other renewable energy projects' in India and overseas. The MoU was signed by A K Gupta, Director (Commercial) NTPC and Subhash Kumar, Director (Finance) and In-charge Business Development and Joint Venture, ONGC via virtual conferencing.
"They will also look for opportunities in the fields of sustainability, storage, E-mobility and ESG (Environmental, Social and Governance) compliant projects," said an official statement, adding that with this tie-up, NTPC can achieve its ambitious target of 32 GW of renewable energy projects by 2032.
This development will also 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, as per the official statement.
Energy sector gets a boost
While announcing the breakup of the Rs20 lakh crore stimulus fund under Aatmanirbhar Bharat package, Finance Minister Nirmala Sitharaman last week had announced Rs 90,000 crore liquidity infusion into cash-strapped power distribution companies (discoms), facing demand slump due to the lockdown to contain COVID-19. This money will help the discoms to repay most of the Rs 92,000 crore outstanding payments that they owe to power generators, restarting the virtuous cycle of liquidity, higher investments and rapid growth for the power sector.
(With ANI Inputs)
Updated 17:52 IST, May 25th 2020