ONGC and NTPC Join Forces for Green Energy

4 Nov 2024 , 02:37 PM

On Monday, oil company ONGC and power behemoth NTPC announced their partnership to investigate new and renewable energy sources. According to a statement by NTPC, the two organisations would establish a joint venture through their own 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 further promote their interest in renewable and new energy arena,” stated the statement.

According to the announcement, NGEL has also applied to the Ministry of Corporate Affairs to incorporate a 50:50 joint venture company with OGL.

Solar, wind, energy storage, e-mobility, carbon credits, and green credits are just a few of the renewable energy (RE) and new energy prospects that the joint venture will explore.

Additionally, it would look for chances to purchase renewable energy assets and think about entering the next offshore wind bids in Gujarat and Tamil Nadu.

“Considering their domain expertise and resources, both entities are poised to contribute significantly to India’s renewable energy landscape, driving innovation and fostering environmental stewardship,” stated the statement.

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