ONGC and NTPC plan to form a joint venture to pursue opportunities in the renewable energy, battery and electric vehicle space.
The two state-run energy giants entered into a memorandum of understanding (MoU) on Thursday.
“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,” a statement by ONGC said.
The MoU will enable both companies to achieve their targets in renewable energy business, the statement said.
ONGC has a renewable portfolio of 176 MW comprising 153 MW of wind power and 23 MW of solar.
NTPC has 920 MW of installed renewable power capacity in its portfolio and about 2300 MW of renewable energy projects under construction.