NTPC and ONGC Forge Joint Venture for Renewable Energy Push

5 Nov 2024 , 12:15 PM

NTPC and ONGC, both Maharatna PSUs, have formed a Joint Venture Company (JVC) through their green energy subsidiaries, NTPC Green Energy and ONGC Green Energy. This partnership aims to strengthen NTPC and ONGC’s presence in the renewable energy sector.

The Joint Venture Agreement was signed on February 7, 2024, during India Energy Week, and has received necessary approvals from DIPAM and NITI Aayog.

NTPC Green Energy Ltd. (NGEL) has applied to the Ministry of Corporate Affairs for permission to establish the JVC in partnership with ONGC Green Energy Ltd. (OGL), with both parties holding equal stakes.

The JVC will focus on various renewable energy sources, including solar and wind (both onshore and offshore), as well as advanced energy storage solutions like pumped storage and battery systems.

Further, it will explore green technology initiatives, including green hydrogen, green ammonia, sustainable aviation fuel, green methanol, e-mobility, and carbon credit projects.

Plans include acquiring renewable energy assets and participating in offshore wind projects, particularly in Tamil Nadu and Gujarat. This collaboration represents a strategic move to boost sustainable energy in India, aligning with the country’s vision for a cleaner and greener future.