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May 26, 2020

NTPC and ONGC establish JV for renewable energy business

Indian energy conglomerate NTPC has signed a memorandum of understanding (MoU) with Oil and Natural Gas Corporation (ONGC), an Indian multinational crude oil and gas company.

Indian energy conglomerate NTPC has signed a memorandum of understanding (MoU) with Oil and Natural Gas Corporation (ONGC), an Indian multinational crude oil and gas company.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The pact will see the establishment of a joint venture (JV) company for the renewable energy business.

With this new MoU, the two companies intend to fast-track their footprint in the renewable energy business in the country.

As per the terms of the MoU, NTPC and ONGC have agreed to explore and establish offshore wind and other renewable energy projects in India, as well as in the overseas markets.

The two companies will focus on opportunities in the fields of sustainability, storage, e-mobility and environmental, social and governance (ESG) compliant projects.

Currently, NTPC has 920MW of installed renewable power projects in its portfolio with nearly 2,300MW of renewable projects under construction.

Under this new partnership with ONGC, NTPC is planning to further enhance is renewable energy capacity, while expanding its footprint in the offshore wind and overseas renewable energy projects.

Additionally, the partnership is expected to help NTPC reach its goal of 32GW of renewable energy projects by 2032.

On the other hand, ONGC has a renewable portfolio of 176MW, which includes 153MW wind power and 23MW of solar projects.

The new development with NTPC is expected to strengthen its footprint in the renewable power business while supporting its target to add 10GW of renewable power to its portfolio by 2040.

Last September, NTPC announced its plans to build two hydroelectric projects (HEPs) in the state of Himachal Pradesh.

 

 

 

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Free Report
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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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