NTPC and ONGC Form Joint Venture to Accelerate Renewable Energy Growth

Maharatna PSUs NTPC and ONGC have announced the formation of a Joint Venture Company (JVC) through their respective Green Energy Subsidiaries, NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL), to strengthen their commitment to renewable and new energy initiatives.

Following the signing of the Joint Venture Agreement on February 7, 2024, during India Energy Week 2024, and the receipt of necessary statutory approvals from DIPAM and NITI Aayog, NGEL has formally submitted an application to the Ministry of Corporate Affairs for the incorporation of the 50:50 JVC with OGL.

Scope of New JV

The new venture will focus on a wide array of renewable energy and new energy opportunities, including solar, wind (both onshore and offshore), energy storage (pumped hydro and battery), green molecules (such as green hydrogen, green ammonia, sustainable aviation fuel, and green methanol), e-mobility, carbon credits, and green credits. Additionally, the JVC will explore opportunities to acquire renewable energy assets and will participate in upcoming offshore wind tenders in Tamil Nadu and Gujarat.

This strategic partnership between NGEL and OGL represents a significant step towards advancing India’s transition to a sustainable energy future. By leveraging their combined expertise and resources, both entities are well-positioned to play a key role in shaping India’s renewable energy landscape, driving innovation, and supporting the country’s environmental and energy goals.

On November 05, 2024, NTPC shares opened at ₹400.00 and touched the day high of ₹403.90 at 09:30 AM.

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