New Delhi: 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 interests in the renewable and new energy arena.
Following the signing of the Joint Venture Agreement on 7 February 2024, during India Energy Week 2024, and after obtaining required statutory approvals from DIPAM and NITI Aayog, NTPC Green Energy Ltd. has submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 Joint Venture Company with ONGC Green Energy Ltd.
This JVC will venture into various Renewable Energy (RE) and New Energy opportunities, including solar, wind (onshore/offshore), energy storage (pump/battery), green molecules (green hydrogen, green ammonia, sustainable aviation fuel, green methanol), e-mobility, carbon credits, green credits, and more.
The JVC will also explore opportunities to acquire renewable energy assets and consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujarat.
The strategic partnership between NTPC Green Energy Ltd. and ONGC Green Energy Ltd. reflects a unified effort towards advancing sustainable energy initiatives, aligning with the nation’s ambitious goals for a greener future. With their domain expertise and resources, both entities are well-positioned to make a significant impact on India’s renewable energy landscape, driving innovation and fostering environmental stewardship.
BI Bureau
