In Short : Maharatna PSUs NTPC and ONGC have joined forces to establish a joint venture (JV) company. This collaboration aims to enhance their efforts in the renewable energy sector, with a focus on clean energy initiatives and carbon reduction. The JV will leverage both companies’ strengths in energy production to drive sustainable growth and accelerate India’s transition to green energy.
In Detail : Maharatna PSUs NTPC and ONGC have collaborated to form a Joint Venture Company (JVC) through their Green Energy Subsidiaries (NTPC Green Energy Ltd. and ONGC Green Energy Ltd.) to further promote their interest in renewable and new energy arena.
Subsequent to the signing of the Joint Venture Agreement on 7th February 2024, during India Energy Week 2024, and obtaining the required statutory approvals from DIPAM and NITI Aayog, NGEL has submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 Joint Venture Company with OGL.
This JVC shall venture into various Renewable Energy (RE) and New Energy opportunities including Solar, Wind (Onshore/Offshore), Energy Storage (Pump/Battery), Green molecule (Green Hydrogen, Green Ammonia, Sustainable Aviation Fuel (SAF), Green Methanol), E-mobility, Carbon Credits, Green Credits, etc.
The JVC will also seek opportunities to acquire renewable energy assets and will also consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujrat.
The strategic partnership between NGEL and OGL signifies a concerted effort towards advancing sustainable energy initiatives, aligning closely with the nation’s ambitious goals for a greener future. Considering their domain expertise and resources, both entities are poised to contribute significantly to India’s renewable energy landscape, driving innovation and fostering environmental stewardship.
