NTPC and ONGC Forge Joint Venture for Expanding India’s Green Energy Horizon

New Delhi:In a strategic move towards advancing India’s renewable energy goals, Maharatna PSUs NTPC and ONGC have joined forces to establish a Joint Venture Company (JVC) through their green energy subsidiaries, NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL). This partnership, aimed at exploring new avenues in renewable and sustainable energy, was formalized following the signing of the Joint Venture Agreement on February 7, 2024, during India Energy Week 2024, and has since received statutory approvals from DIPAM and NITI Aayog.

With an application for incorporation now submitted to the Ministry of Corporate Affairs, the 50:50 Joint Venture Company is set to focus on a wide range of renewable energy projects. These include Solar and Wind (both onshore and offshore), Energy Storage solutions (such as pumped and battery storage), and the development of green molecules including Green Hydrogen, Green Ammonia, Sustainable Aviation Fuel (SAF), and Green Methanol. The JVC will also explore opportunities in E-mobility, Carbon Credits, and Green Credits, contributing to the broader sustainable energy landscape in India.

Additionally, the JVC plans to actively pursue the acquisition of renewable energy assets and is considering participation in forthcoming offshore wind tenders in Tamil Nadu and Gujarat, which are poised to bolster India’s offshore wind capacity.

This collaboration between NGEL and OGL signifies a significant step toward a sustainable energy future for India. Leveraging their combined expertise and resources, the two energy giants are well-positioned to drive innovation in the green energy sector, helping India achieve its ambitious targets for renewable energy deployment and environmental stewardship.