NTPC and ONGC Partner in Green Energy Push, Forming New Joint Venture to Drive India’s Renewable Future

In addition to launching new projects, the JVC will actively pursue acquisition opportunities within the renewable energy sector, enhancing its portfolio and operational scale.

Maharatna Public Sector Undertakings (PSUs) NTPC and ONGC have announced a new joint venture company (JVC) focused on renewable energy initiatives, cementing their commitment to India’s green energy transition. This venture, formed through NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL), is a 50:50 partnership aiming to accelerate the development and deployment of renewable and sustainable energy solutions.

The joint venture agreement, signed on February 7, 2024, during India Energy Week, has successfully passed regulatory approvals from the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog. Following this, NGEL submitted an application to the Ministry of Corporate Affairs to formally establish the company.

Broad Scope of Green Energy Initiatives

The new JVC will target a comprehensive range of renewable energy and new-energy projects, including solar and wind (both onshore and offshore), energy storage solutions like pump and battery storage, and various green molecules such as green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol. The company also aims to explore advancements in e-mobility, carbon credits, and green credits, areas crucial for supporting India’s broader climate commitments.

Strategic Acquisitions and Offshore Wind Opportunities

In addition to launching new projects, the JVC will actively pursue acquisition opportunities within the renewable energy sector, enhancing its portfolio and operational scale. The company will also explore participation in the forthcoming offshore wind energy tenders in Tamil Nadu and Gujarat, which are key regions for India’s offshore wind energy expansion.

Supporting India’s Green Transition

This partnership underscores NTPC and ONGC’s shared dedication to advancing India’s sustainable energy goals. By leveraging their technical expertise, resources, and national reach, both organizations aim to make significant contributions to India’s renewable energy landscape, aligned with the government’s targets for carbon neutrality and a greener economy. The JVC is expected to play a pivotal role in driving innovation, creating jobs, and fostering environmental stewardship across the country.