Leading PSUs NTPC and ONGC said on Monday they have formed a joint venture company (JVC) through their green energy subsidiaries (NTPC Green Energy and ONGC Green Energy) to promote their interests in the renewable and new energy arena.
Subsequent to the signing of the joint venture agreement on February 7, 2024, during India Energy Week 2024, and obtaining the required statutory approvals from DIPAM and NITI Aayog, NTPC Green Energy (NGEL) has submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 joint venture company with ONGC Green Energy (OGL).
The JVC will 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 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 goals for a greener future.