NTPC and ONGC have planned to boost development of offshore wind energy in India. Earlier in May 2020, NTPC and ONGC had signed a memorandum of understanding (MoU) to accelerate their footprint in the renewable energy space. As per the MoU, both the companies will explore the setting up of offshore wind and other renewable energy projects in India and overseas. The pact also provided that they will also explore opportunities in the fields of sustainability, storage, E-mobility and environmental, social and governance (ESG) compliant projects. Now, the MoU assumes significance in view of almost doubling the target of renewable energy capacity addition to 60 GW by 2032 by NTPC in June 2021. Moreover, NTPC has also shown intention to bring an initial public offer of its arm NTPC Renewable Energy to raise funds for achieving 60 GW clean energy capacity by 2032 which requires an investment of around Rs 2.5 lakh crore.
The onshore wind turbine efficiency is up to 25 percent while offshore windmills can be 50 to 60 percent efficient and this is relevant in view of limited land resources in the country and also safety aspects. Keeping in view the 7,600 km long coastline and the expertise of ONGC in handling offshore operations, this association can bring a sea change in this segment of clean energy. The Ministry of New and Renewable Energy (MNRE) has set a target of five GW of offshore wind installations by 2022 and 30 GW by 2030. The wind resources assessment carried out by the National Institute of Wind Energy (NIWE) gives total wind energy potential at 302 GW at 100 mtr hub height. Out of the total estimated potential more than 95 percent of commercially exploitable wind resources are concentrated in seven states — Andhra Pradesh, Gujarat, Karnataka, Madhya Pradesh, Maharashtra, Rajasthan and Tamil Nadu.