Under the MOU, ONGC and NGEL were exploring the feasibility and identifying potential renewable energy projects across various sectors.
Both the MOU and the joint venture agreement are built upon an MOU that NTPC, the parent company of NGEL, and ONGC signed back in 2020, outlining the path to setting up a joint venture company in the renewable energy market.
The signing of the joint venture agreement between India’s two energy majors came shortly after the country launched the 4 GW offshore wind tender, offering areas for development off Tamil Nadu.
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India Launches 4 GW Offshore Wind Tender
The date of the pre-bid meeting is 4 March and the deadline for the submission of bids is 2 May.
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