Two Maharatna public sector companies, ONGC and NTPC, have joined forces to form a Joint Venture Company (JVC) through their respective green energy subsidiaries, ONGC Green Energy Ltd. and NTPC Green Energy Ltd., with the goal of boosting their expansion in the new energy and renewable energy industries. On February 7, 2024, at India Energy Week 2024, NTPC Green Energy Ltd. signed a joint venture agreement and obtained clearances from DIPAM and NITI Aayog. According to a Ministry of Power announcement, has asked the Ministry of Corporate Affairs to legally incorporate the 50:50 Joint Venture with ONGC Green Energy Ltd.
A variety of renewable and innovative energy initiatives will be the focus of this collaborative effort, including onshore and offshore solar and wind energy, energy storage (both pumped and battery), and green molecules including green methanol, green hydrogen, green ammonia, and sustainable aviation fuel (SAF). According to the government, the cooperation also aims to investigate carbon credits, green credits, and e-mobility.
The joint venture also intends to take part in future offshore wind energy bids in Gujarat and Tamil Nadu, as well as purchase renewable energy assets. In support of India’s larger goals of a cleaner and greener energy future, the partnership between NTPC Green Energy Ltd. and ONGC Green Energy Ltd. highlights a shared dedication to promoting sustainable energy.
Both ONGC and NTPC are well-positioned to contribute significantly to the development of India’s renewable energy industry, promote innovation, and improve environmental sustainability thanks to their combined resources and experience. These two significant stakeholders are in a good position to help the nation’s efforts to lower carbon emissions through the spread of green energy, the ministry said.
Additionally, by assisting India’s transition to sustainable energy, the government has underlined its commitment to addressing climate change. The production-linked incentive (PLI) program and other initiatives to support domestic manufacturing in the renewable energy sector were discussed at a recent meeting between industry stakeholders and Shripad Yesso Naik, Minister of State for New and Renewable Energy. Naik emphasized the significance of hastening India’s transition to a low-carbon economy while assuring industry stakeholders of the government’s unwavering support. Members of the All-India Solar Industries Association were among the attendees.
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