In a landmark move towards advancing sustainable energy, two Maharatna public sector undertakings, NTPC and ONGC, have announced the formation of a joint venture company through their respective green energy subsidiaries.
NTPC and ONGC Form Joint Venture
The collaboration of NTPC and ONGC, which was formalized on February 7, 2024, during the India Energy Week, brings together NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL).
The companies will operate the joint venture on an equal partnership basis.
The venture has already received clearances from DIPAM and NITI Aayog. It is now awaiting final approval from the ministry of corporate affairs.
Expanding Initiatives
The joint venture combines the expertise and resources of two energy sector giants, strengthening India’s renewable energy sector. The new entity will focus on a wide array of renewable energy projects, including solar and wind power initiatives, both onshore and offshore.
Pioneering Green Technologies
In addition to renewable energy production, the venture plans to invest in energy storage solutions.
These will include pumped storage facilities and battery systems to support grid stability.
The joint venture also aims to lead in emerging green technologies such as hydrogen, ammonia, sustainable aviation fuel, and green methanol production.
Expansion and Acquisition of NTPC and ONGC
The joint venture has ambitious plans to acquire existing renewable energy assets. It will target upcoming offshore wind energy projects along India’s coastlines, particularly in Tamil Nadu and Gujarat.
The Commitment
The collaboration underscores India’s commitment to accelerating its transition to sustainable energy sources.
As reported by knnindia.co.in, the venture positions NTPC and ONGC as key players in the nation’s green energy revolution.
