New Delhi, November 4 Public sector Maharatna companies NTPC and ONGC have decided to form a joint venture through their associate companies NTPC Green Energy Limited (NGEL) and ONGC Green Energy Limited (OGL) working in the green energy sector. Its objective is to rapidly advance projects in the renewable and new energy sector.
The Ministry of Energy said that after signing the Joint Venture Agreement on 7 February 2024 during ‘India Energy Week-2024’ and obtaining the necessary statutory approvals from DIPAM and NITI Aayog, NGEL has applied to the Ministry of Corporate Affairs to form a joint venture in a 50:50 partnership with OGL.
Through this joint venture, opportunities in solar, wind, energy storage, green hydrogen, green ammonia, e-mobility, carbon credits and green credits will be leveraged.
The ministry further said that the joint venture will explore opportunities to acquire renewable energy assets. At the same time, it will also consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujarat.
The strategic partnership between NGEL and OGL symbolizes a concrete effort towards advancing sustainable energy initiatives, which is closely linked with the country’s ambitious goals for a green future.
Minister of State for New and Renewable Energy Shripad Yesso Naik recently discussed with industry representatives on the Production-Linked Incentive (PLI) scheme and other incentives to promote Indian manufacturing in the renewable energy sector.
During this, Naik has assured the industry association of full support from the ministry. He also said that the government is committed to making India a low carbon economy.
Representatives from the renewable energy industry, including the All India Solar Industries Association, attended the meeting.
