In a step towards advancing India’s renewable energy goals, Maharatna PSUs NTPC and ONGC have entered a strategic partnership through a Joint Venture Company, combining the strengths of NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL). This collaboration, formalized at India Energy Week 2024, is a testament to both organizations’ commitment to driving sustainable energy initiatives that align with the nation’s ambitious climate targets.
The Joint Venture Agreement was signed on February 7, 2024, and subsequently received approvals from the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog. With these endorsements, NGEL has now filed for incorporation of a 50:50 JVC with OGL under the Ministry of Corporate Affairs. This joint endeavor will explore and implement a broad range of renewable energy (RE) and emerging green energy solutions, including solar, onshore and offshore wind, energy storage (pump and battery), green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol. Additionally, the JVC plans to contribute to carbon credits and green credits markets, accelerating the shift towards sustainable practices.
The strategic partnership is particularly focused on large-scale investments in cutting-edge renewable energy projects, aiming to participate in upcoming offshore wind tenders in Tamil Nadu and Gujarat. The new JVC will also explore asset acquisition opportunities in the renewable sector, fortifying its position as a key player in India’s evolving green energy landscape.
NTPC and ONGC, both known for their extensive experience and resources in the energy sector, are well-positioned to harness emerging technologies in the renewable and green energy spheres. This alliance underscores their shared vision for a sustainable future, leveraging innovation and strategic investments to support India’s transition to a low-carbon economy.
