NEW DELHI (India CSR): Maharatna PSUs NTPC and ONGC have come together to form a Joint Venture Company (JVC) through their green energy subsidiaries, NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL). This strategic alliance is aimed at expanding their footprint in the renewable energy sector and advancing India’s clean energy goals.
Joint Venture for Renewable Energy Expansion
Following the Joint Venture Agreement signed on 7th February 2024, during India Energy Week, NGEL and OGL have completed necessary statutory approvals from DIPAM and NITI Aayog. NGEL has also filed an application with the Ministry of Corporate Affairs to incorporate the 50:50 JVC, which will serve as a platform for renewable energy development.
Focus on Solar, Wind, and Energy Storage
The newly formed JVC will explore various renewable and new energy ventures, including solar and wind energy (both onshore and offshore) and advanced energy storage solutions, such as pumped storage and battery systems. This partnership will also pursue green molecule projects, encompassing green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol.
Expansion into Green Technology and E-Mobility
Beyond renewable generation, the JVC will engage in e-mobility and carbon credits trading, aligning with India’s carbon reduction objectives. The venture will also actively seek acquisition opportunities for renewable assets and participate in upcoming offshore wind tenders, particularly in Tamil Nadu and Gujarat, to further expand its renewable portfolio.
Commitment to a Sustainable Future
The collaboration between NTPC’s and ONGC’s green energy subsidiaries represents a significant push towards sustainable energy, supporting India’s ambitious transition to a low-carbon economy. “With our combined expertise, this joint venture is poised to make a meaningful impact on India’s renewable landscape,” stated an NTPC spokesperson. Both entities are well-positioned to advance innovative projects that will drive environmental stewardship and support India’s commitment to a greener future.
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