NTPC, a leading power producer, and ONGC, a major oil and gas company, announced a partnership on Monday to explore new opportunities in the renewable energy sector. The two companies will establish a joint venture through their respective green energy subsidiaries, as stated by NTPC.
According to the announcement, “NTPC and ONGC have come together to create a Joint Venture Company (JVC) through their Green Energy Subsidiaries (NTPC Green Energy Ltd and ONGC Green Energy Ltd) to advance their interests in the renewable energy sector.” NTPC Green Energy Ltd (NGEL) has filed an application with the Ministry of Corporate Affairs to officially establish a 50:50 joint venture with ONGC Green Energy Ltd (OGL).
The new joint venture will focus on various aspects of renewable energy, including solar and wind power, energy storage solutions, e-mobility, and the trading of carbon and green credits. It will also explore opportunities to acquire renewable energy assets and participate in upcoming offshore wind tenders in Tamil Nadu and Gujarat.
The statement emphasized that “given their expertise and resources, both NTPC and ONGC are well-positioned to make a substantial impact on India’s renewable energy sector, driving innovation and promoting environmental responsibility.”
ONGC, a premier oil and gas company in India, is renowned for its exploration and production of hydrocarbons. Founded in 1956, ONGC has been instrumental in driving India’s energy independence by tapping into vast oil and natural gas reserves, both onshore and offshore.
While traditionally focused on fossil fuels, ONGC has taken bold strides in renewable energy, aligning with global sustainability trends. Through investments in solar, wind, and geothermal energy, the company aims to diversify its energy portfolio and support India’s transition to a greener economy. ONGC’s emphasis on innovation, collaboration, and sustainable practices highlights its commitment to leading India’s energy sector toward a balanced energy mix.
NTPC, India’s largest energy conglomerate, plays a pivotal role in meeting the country’s energy needs. Established in 1975, NTPC has evolved from a thermal power producer to a diversified energy company focusing on sustainable energy solutions.
Known for its large-scale thermal power plants, NTPC has significantly expanded its operations into renewables, aiming to contribute to India’s ambitious goals for clean energy. The company is involved in solar, wind, hydro, and electric mobility projects, showcasing its commitment to reducing carbon emissions.
NTPC’s green initiatives, combined with its strategic ventures in energy storage and international partnerships, underscore its vision to be a world-class integrated power major, powering growth sustainably.
