ONGC Signs MoU With NTPC Owned NGEL For Renewable Push

Highlights :

  • NTPC has been the partner of choice when it comes to renewable energy expansion for many PSU’s, and ONGC is simply the latest to join the list.
  • For NTPC, the support of other PSUs means access to relatively low cost funding for future projects where it partners with them, as most of these are cash rich.
ONGC Signs MoU With NTPC Owned NGEL For Renewable Push

NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC, and ONGC have signed an MoU on September 27 to realise the development of renewable energy and offshore wind power in line with India’s commitments on Energy Transition.

The MoU was signed by Mohit Bhargava, CEO, NGEL and Deb Adhikari ED- JV and BD, ONGC in the presence of Gurdeep Singh, CMD, NTPC and Arun Kumar Singh, Chairman and CEO, ONGC.

The MoU envisages collaboration in various areas of Renewable Energy in India and overseas which includes offshore wind projects, exploring opportunities in Storage, E-mobility, Carbon Credits, Green Credits, Green Hydrogen business and its derivatives (Green Ammonia & Green Methanol).

NTPC is India’s largest Power Utility with core business of power generation having a total installed capacity of more than 73 GW (including JVs and subsidiaries). As part of increasing its renewable energy portfolio, a wholly owned subsidiary has been formed as NTPC Green Energy Limited (NGEL) which shall take up Renewable Energy Parks and Projects including business in Offshore Wind Projects, Green Hydrogen, Energy Storage Technologies, Carbon Markets and Round-the-Clock RE Power. NTPC Group has a plan of 60 GW of RE capacity by the year 2032 and currently working on a pipeline of 20+ GW, out of which over 3 GW is operational capacity.

ONGC is primarily an E&P Company, possessing significant and proven expertise and resources in the field of petroleum exploration, development, production and transportation of crude oil and natural gas and has presence along the entire oil & gas value chain including refining, petrochemicals, and oil & gas marketing. ONGC Group also has presence in power generation & distribution. It is also having a portfolio of renewable power and has plan to enhance its presence in this business. ONGC has taken initiatives for diversification in RE power generation and installed around 189 MW capacity including wind and solar PV plants spread across various locations. ONGC’s Energy Strategy focuses on renewable energy business. ONGC intends to achieve 10 GW RE Capacity by 2030 and has set a net zero target (Scope 1 & Scope 2) by 2038.

With a significant captive requirement as well as high emissions profile due to the nature of its business, the ONGC-NGEL partnership could potentially score some easy wins very early by partnering on captive solar projects and more.

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