NTPC and ONGC Join Forces for a Greener Future
Maharatna Public Sector Undertakings (PSUs), NTPC Ltd. and ONGC, have officially announced the formation of a strategic Joint Venture Company (JVC) aimed at boosting renewable and new energy initiatives. This collaboration will be spearheaded by their green energy subsidiaries: NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL).
A Landmark Agreement for Renewable Energy Expansion
The Joint Venture Agreement was signed on 7th February 2024 during the prestigious India Energy Week 2024. Following this milestone, the joint initiative received statutory approvals from key governmental bodies, including the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog. With all necessary permissions secured, NGEL has applied to the Ministry of Corporate Affairs to incorporate the 50:50 joint venture company with OGL.
Exploring Renewable Energy and New Energy Opportunities
The NTPC-ONGC JVC will focus on exploring and investing in a wide range of renewable energy sectors, including:
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- Solar and Wind Energy: Projects in both onshore and offshore wind, with special interest in Tamil Nadu and Gujarat offshore wind tenders.
- Energy Storage Solutions: Development of advanced energy storage technologies like pumped storage and battery storage systems.
- Green Molecules: Production of green hydrogen, green ammonia, green methanol, and Sustainable Aviation Fuel (SAF) to drive cleaner fuel alternatives.
- E-Mobility and Carbon Credits: Advancing electric mobility solutions and leveraging carbon and green credits for environmental impact.
Future Plans: Asset Acquisition and Offshore Wind Projects
In addition to launching new energy ventures, the JVC will actively explore opportunities to acquire existing renewable energy assets. The company will also focus on upcoming offshore wind tenders, particularly in the renewable energy-rich states of Tamil Nadu and Gujarat.
Aligning with India’s Green Energy Goals
This strategic collaboration between NGEL and OGL underscores a strong commitment to sustainable energy development. Both companies bring extensive expertise and resources, setting the stage for impactful advancements in India’s renewable energy sector. Their partnership is aligned with the nation’s vision for a cleaner, greener, and more sustainable future.
By leveraging their combined strengths, NTPC and ONGC are poised to drive innovation, reduce carbon emissions, and foster environmental sustainability.
