NTPC and ONGC Green Energy Subsidiaries Join Forces to Boost India’s Renewable Energy Initiatives
NTPC and ONGC, through their green energy subsidiaries, have formed a 50:50 Joint Venture Company (JVC) to advance renewable energy initiatives, following approvals from DIPAM and NITI Aayog. This JVC will focus on solar, wind, energy storage, green hydrogen, green ammonia, and e-mobility. It aims to participate in offshore wind tenders in Tamil Nadu and Gujarat, as well as acquire renewable assets, aligning with India’s clean energy goals
In a significant move for India’s renewable energy sector, two Maharatna Public Sector Undertakings (PSUs), NTPC and ONGC, have teamed up to establish a Joint Venture Company (JVC) through their green energy arms, NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL). This collaboration, formalized through a Joint Venture Agreement signed on February 7, 2024, during India Energy Week, aims to accelerate both companies’ investments in the renewable and new energy sectors.
Following the agreement and necessary statutory clearances from DIPAM and NITI Aayog, NGEL has applied to the Ministry of Corporate Affairs for the JVC’s official incorporation, with both entities holding an equal 50:50 stake. The newly formed venture will focus on a wide array of renewable and emerging energy opportunities, including solar and wind (both onshore and offshore), energy storage solutions (pumped and battery storage), and green molecule technologies like green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol. Additionally, the JVC plans to expand into e-mobility, carbon credits, and green credits, aligning closely with India’s green energy objectives.
Beyond new ventures, the JVC will explore asset acquisition in the renewable sector and plans to participate in upcoming offshore wind tenders in Tamil Nadu and Gujarat, reflecting a comprehensive approach to strengthening India’s clean energy capabilities. The partnership between NGEL and OGL represents a robust commitment to sustainable energy, positioning both companies as key players in India’s transition to a greener future.
Source Link : https://solarquarter.com/2024/11/04/ntpc-and-ongc-green-energy-subsidiaries-join-forces-to-boost-indias-renewable-energy-initiatives/
Recommended for you
