ONGC and NTPC Forge Partnership for Offshore Wind Energy Projects in Joint Venture

8 Feb 2024 , 10:46 AM

ONGC and NTPC signed a joint venture (JVA) agreement to establish offshore wind energy projects during India Energy Week. The collaboration aims to advance renewable energy projects both domestically and internationally.

The agreement includes ventures in offshore wind projects and explores opportunities in storage, e-mobility, carbon credits, green hydrogen business, and derivatives like green ammonia and green methanol.

The JVA was signed by NGEL CEO Mohit Bhargava and ONGC executive director Satish Kumar Dwivedi.

ONGC’s chairman and CEO Arun Kumar Singh and NTPC Limited’s chairman and managing director Gurdeep Singh witnessed the signing.

ONGC has received government approval to establish ONGC Green Limited, a subsidiary focusing on the gas business and clean energy projects like green hydrogen and renewable energy.

ONGC aims to invest ₹1 Lakh crore to install 10 GW of renewable energy capacity and set up two million tonnes of green ammonia annual production capacity by 2035.

The joint venture company with NTPC will focus on offshore wind energy projects and other renewable energy initiatives.

In September of the previous year, ONGC and NTPC Green Energy Limited entered an agreement for renewable energy project development, emphasizing offshore wind projects and exploring opportunities in various sectors.

ONGC currently holds a renewable portfolio of 176 MW, consisting of 153 MW of wind power and 23 MW of solar, with plans to add 10 gigawatts of renewable power by 2040.

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