Oil and Pure Fuel Company (ONGC) and NTPC Inexperienced Vitality Restricted (NGEL) have signed a three way partnership settlement to develop offshore wind vitality tasks each in India and internationally.
The settlement, signed on 7 February, will see India’s largest oil and fuel firm and the totally owned subsidiary of India’s largest utility firm NTPC becoming a member of forces to develop renewable vitality and different vitality transition tasks, with a major deal with offshore wind.
The companions can even discover potential alternatives in areas akin to vitality storage and inexperienced hydrogen and its derivatives akin to inexperienced ammonia and inexperienced methanol.
The settlement on forming the three way partnership follows a memorandum of understanding (MOU) the 2 corporations signed final 12 months.
Underneath the MOU, ONGC and NGEL have been exploring the feasibility and figuring out potential renewable vitality tasks throughout varied sectors.
Each the MOU and the three way partnership settlement are constructed upon an MOU that NTPC, the mother or father firm of NGEL, and ONGC signed again in 2020, outlining the trail to establishing a three way partnership firm within the renewable vitality market.
The signing of the three way partnership settlement between India’s two vitality majors got here shortly after the nation launched the 4 GW offshore wind tender, providing areas for growth off Tamil Nadu.
The date of the pre-bid assembly is 4 March and the deadline for the submission of bids is 2 Might.
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