New Delhi: In a significant move towards renewable energy, Maharatna PSUs NTPC and ONGC have partnered to form a 50:50 Joint Venture Company (JVC) through their respective green energy subsidiaries, NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL). The collaboration aims to expand their footprint in the renewable energy sector, encompassing a range of green technologies and projects, from solar and wind energy to green hydrogen and sustainable aviation fuel.
The formal Joint Venture Agreement was signed on February 7, 2024, during India Energy Week, followed by approvals from the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog. NGEL has since submitted an application to the Ministry of Corporate Affairs to incorporate the JVC with OGL, marking the next step in the partnership.
The newly established JVC will explore multiple opportunities within renewable and new energy sectors, including solar and onshore/offshore wind projects, energy storage solutions such as pumped hydro and battery storage, and a suite of green molecules including green hydrogen, green ammonia, sustainable aviation fuel, and green methanol. The JVC’s scope also includes the promotion of e-mobility initiatives and the development of carbon and green credits.
This strategic partnership will also seek to acquire renewable energy assets and participate in upcoming offshore wind tenders in Tamil Nadu and Gujarat. The alliance between NGEL and OGL highlights their commitment to supporting India’s ambitious renewable energy targets and contributing to a sustainable future.
