NTPC and ONGC Launch Joint Venture to Drive Renewable and New Energy Initiatives.

Recently, state-owned giants NTPC and ONGC announced the formation of a new joint venture company (JVC) through their green energy subsidiaries—NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL). This JVC aims to accelerate both companies’ expansion into renewable and emerging energy sectors.

The partnership follows the joint venture agreement signed at India Energy Week 2024 on February 7, and subsequent approvals from the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog. NGEL has now applied to the Ministry of Corporate Affairs to formally incorporate the 50:50 joint venture with OGL.

The JVC is expected to explore a range of green energy opportunities, including solar, wind (both onshore and offshore), energy storage solutions (pumped and battery storage), and green molecules like hydrogen, ammonia, and methanol. Other focus areas will include sustainable aviation fuel (SAF), e-mobility solutions, and the acquisition of carbon and green credits.

The joint venture will also consider acquiring renewable energy assets and may participate in upcoming offshore wind projects in Tamil Nadu and Gujarat. This strategic collaboration between NGEL and OGL underscores a shared commitment to advancing sustainable energy and aligns with India's broader goals for a green energy future.

HBL