changeadminIndia’s leading power generation company, NTPC, and energy major ONGC have formed a joint venture to explore green energy opportunities.
This is an interesting collaboration between two government-owned companies, highlighting India’s focus towards clean energy transition.
Oil and Natural Gas Corporation Limited (ONGC) is the largest government-owned oil and gas explorer and producer in the country while National Thermal Power Corporation (NTPC) Limited is the country’s largest power generation utility.
In the last few years, both these entities have increased their focus on clean energy opportunities which has led to the creation of their respective green energy subsidiaries – NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd (OGL).
This joint venture agreement between NGEL and OGL was signed in February 2024, during India Energy Week 2024.
After obtaining the required statutory approvals from DIPAM and NITI Aayog, NGEL has submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 Joint Venture Company with OGL.
This joint venture company will explore various renewable energy and new energy opportunities including solar, wind (onshore/offshore), energy storage (pump/battery), green molecule (green hydrogen, green ammonia, sustainable aviation fuel (SAF), green methanol), e-mobility, carbon credits, green credits, etc.
Both these companies will also seek opportunities to acquire renewable energy assets and consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujrat.
Last month, India’s total renewable energy capacity reached a significant milestone when it crossed the 200 GW (gigawatt) mark with solar power at 90 GW leading the way, followed by wind power (47 GW) and Hydroelectric power (52 GW).
At the Global Renewable Energy Investment Meet & Expo in September 2024, several Indian states have committed to over 500 GW of renewable energy by 2030 with Gujarat leading with a commitment to add 128.60 GW.
The strategic partnership between NGEL and OGL signifies a concerted effort towards advancing sustainable energy initiatives, aligning closely with India’s ambitious goals for a greener future.
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.
Add comment