Oil and Natural Gas Corporation (ONGC) signed a memorandum of understanding with utility National Thermal Power Corporation (NTPC) this week for a new joint venture that would develop renewable energy.
The partners would also explore opportunities in sustainability, storage, e-mobility and other ESG-compliant (environmental, social and governance) projects, according to the agreement.
Both companies aim to increase their renewables portfolios in the long-term, but fossil fuels will still feature heavily, according to their respective energy plans.
ONGC currently has stakes in 176MW of renewables, including 153MW of wind and 23MW of solar. It aims to reach 5-10GW of renewables by 2040, with a focus on offshore wind, through its Energy Strategy 2040.
The blueprint also envisages the company doubling its oil and gas production between 2019 and 2040.
Meanwhile, NTPC has an operational renewables portfolio of 920MW; mostly solar PV (870MW) with some wind (50MW), plus about 2.3GW of projects under construction.