NTPC and ONGC partner to expand in renewable energy sector

05 Nov 2024 CW Team

Power giant NTPC and oil major ONGC announced a partnership to explore new opportunities in renewable energy. The two companies will form a joint venture through their subsidiaries—NTPC Green Energy Ltd and ONGC Green Energy Ltd—to strengthen their focus on renewable and sustainable energy projects.

NTPC confirmed that NTPC Green Energy Ltd (NGEL) has submitted an application to the Ministry of Corporate Affairs to establish a 50:50 Joint Venture Company with ONGC Green Energy Ltd (OGL).

The new venture will target diverse renewable energy opportunities, including solar, wind, energy storage, e-mobility, carbon credits, and green credits. Additionally, it will pursue acquisitions of renewable energy assets and participate in upcoming offshore wind tenders in Tamil Nadu and Gujarat.

“With their combined expertise and resources, NTPC and ONGC aim to significantly contribute to India’s renewable energy landscape, advancing innovation and promoting environmental stewardship,” the statement read.

(ET)

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