Blitz Bureau
NEW DELHI: Public sector companies NTPC and ONGC have collaborated to form a Joint Venture Company (JVC) through their green energy subsidiaries – NTPC Green Energy Ltd. and ONGC Green Energy Ltd, to give a push to their expansion plans in the renewable and new energy sector.
“Subsequent to the signing of the Joint Venture Agreement on 7th February 2024, during India Energy Week 2024, and obtaining the required statutory approvals from DIPAM and NITI Aayog, NGEL has submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 Joint Venture Company with OGL,” said a release from the Ministry of Power.
The ministry said that this joint venture will take up various Renewable Energy (RE) and New Energy opportunities including Solar, Wind (Onshore/Offshore), Energy Storage (Pump/Battery), Green molecule (Green Hydrogen, Green Ammonia, Sustainable Aviation Fuel (SAF), Green Methanol), E-mobility, Carbon Credits and Green Credits, the statement explained.
“The JV will also seek opportunities to acquire renewable energy assets and consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujarat,” the ministry added.
It said that the strategic partnership between NGEL and OGL signifies a concerted effort towards advancing sustainable energy initiatives, aligning closely with the nation’s ambitious goals for a greener future.
