New Delhi, May 22 : The country's largest power producer NTPC Ltd and upstream oil major Oil and Natural Gas Corporation Limited (ONGC) have decided to come together and set up a joint venture company to foray into renewable energy business. The two entities signed a Memorandum of Understanding (MoU) on Friday to give shape to their new initiative. As per the MoU, NTPC and ONGC will explore the setting up of offshore wind and other renewable energy (RE) projects in India and overseas. They will also explore opportunities in the fields of sustainability, storage, e-mobility and ESG (environmental, social and governance) compliant projects. NTPC presently has 920 MW of installed renewable power projects in its portfolio and about 2300 MW of RE projects under construction. With this tie-up, NTPC would accelerate its RE capacity addition programme and also expand its footprint in offshore wind and overseas RE projects. This will help India's largest power generator achieve its ambitious target of 32 GW of RE projects by 2032. ONGC also has a renewable portfolio of 176 MW comprising 153 MW wind power and 23 MW solar power. This development will enhance the presence of ONGC in the renewable power business and enable its ambition to add 10 GW of renewable power to its portfolio by 2040. With NTPC group's total installed 62110 MW capacity, NTPC has 70 power stations comprising 24 coal, 7 combined cycle gas/liquid fuel, 1 hydro, 13 renewables along with 25 JV power stations. /IANS