Indian companies Oil and Natural Gas Corporation and NTPC are to set up a joint venture to develop renewable energy projects, including offshore wind, at home and abroad.
A memorandum of understanding between the two companies was signed on 21 May in Delhi to formalise the arrangement.
The MoU will enable both companies to achieve renewable energy targets, they said.
Under the terms of the deal, NTPC and ONGC will explore and set up renewable power assets, including offshore wind, in India and overseas.
They will also explore opportunities in sustainability, storage, E-mobility and environmental, social and governance (ESG) compliant projects.
ONGC currently has a renewables portfolio totalling 176MW comprising of 153MW of wind power and 23MW of solar.
Through this collaboration with NTPC, ONGC envisages significant growth in its presence in the clean power sector as outlined in its Energy Strategy 2040 document.
NTPC has 920MW of installed renewables capacity, with about 2.3GW under construction.
It aims to have 32GW in operation by 2032.
The company said it will benefit from the tie up with ONGC by expanding its footprint in offshore wind and overseas renewable energy projects.