NTPC and ONGC are partnering through their green energy subsidiaries to establish a joint venture focused on renewable energy initiatives in India, targeting solar, wind, energy storage, and e-mobility projects.
NTPC, a leading power utility in India, has announced a strategic partnership with oil major ONGC to explore and expand opportunities in the renewable energy sector. This collaboration will be executed through their respective green energy subsidiaries, NTPC Green Energy Ltd (NGEL) and ONGC Green Energy Ltd (OGL), forming a 50:50 joint venture aimed at driving innovation and sustainability in India’s energy landscape.
In a recent statement, NTPC emphasized that this joint venture will leverage the expertise and resources of both companies to tackle the growing demand for clean energy solutions. NGEL has already initiated the formal process by submitting an application to the Ministry of Corporate Affairs to establish this partnership with OGL.
The joint venture will focus on a range of renewable energy projects, including solar and wind power generation, energy storage solutions, e-mobility initiatives, as well as the development of carbon and green credits. Furthermore, the partnership plans to actively seek out and acquire renewable energy assets and intends to participate in offshore wind tenders in Tamil Nadu and Gujarat.
This initiative signifies a pivotal move towards accelerating India’s transition to sustainable energy sources, reinforcing the nation’s commitment to reducing carbon emissions and fostering a greener economy. As both NTPC and ONGC continue to enhance their renewable energy portfolios, this joint venture is expected to play a crucial role in shaping the future of India’s energy sector.
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