NTPC Limited and ONGC Limited have collaborated to form a 50:50 joint venture through their green energy subsidiaries, NTPC Green Energy Limited (NGEL) and ONGC Green Energy Limited (OGL). This collaboration aims to accelerate their presence in the renewable energy sector by undertaking diverse green technology projects, including solar and wind energy, as well as green hydrogen and sustainable aviation fuel.
The formal joint venture agreement was signed on February 7, 2024, during India Energy Week, following approvals from the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog. NGEL has since applied to the Ministry of Corporate Affairs to formally incorporate the joint venture company with OGL.
The new joint venture will explore a broad range of opportunities in renewable and new energy, including solar and onshore/offshore wind projects, energy storage solutions like pumped hydro and battery storage, and the production of green molecules, such as green hydrogen, green ammonia, sustainable aviation fuel, and green methanol. Additionally, the venture will promote e-mobility initiatives and develop carbon and green credits. Moreover, the partnership will also focus on acquiring renewable energy assets and participating in upcoming offshore wind tenders in Tamil Nadu and Gujarat.
