ONGC and NTPC join forces for renewable energy push

November 19, 2024 | 0 Comment

ONGC Green Limited (OGL) and NTPC Green Energy Limited (NGEL) have launched a 50:50 joint venture, ONGC NTPC Green Private Limited (ONGPL), to spearhead renewable energy projects. Incorporated on November 18, 2024, ONGPL will focus on Greenfield developments, offshore wind projects, energy storage, e-mobility, and ESG initiatives, contributing to India’s low-carbon transition.

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ONGC Green Limited (OGL), a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC), and NTPC Green Energy Limited (NGEL), a wholly owned subsidiary of NTPC Limited, have formed a 50:50 joint venture named ONGC NTPC Green Private Limited (ONGPL). The joint venture was officially incorporated on November 18, 2024, following approval from the Ministry of Power, Government of India, in August 2024.

ONGPL will focus on developing and managing renewable energy (RE) projects and assets through both Greenfield developments and acquisitions. The company will explore and establish offshore wind projects, along with evaluating other renewable energy opportunities for OGL, NGEL, and their affiliates. It will also engage in emerging areas such as energy storage, e-mobility, and Environmental, Social, and Governance (ESG)-compliant projects.

Furthermore, ONGPL will pursue initiatives related to carbon credits and green credits to support the transition to a low-carbon economy. It plans to acquire renewable energy assets both in India and abroad, ensuring compliance with applicable guidelines and statutory requirements. The joint venture will strategically contribute to utilizing renewable energy resources, enhancing the sustainability of operations, and fostering innovative RE solutions.

This partnership signifies a crucial step for both ONGC and NTPC in advancing India’s renewable energy goals, leveraging their expertise and resources to contribute towards sustainable development. Through ONGPL, the companies aim to address global climate challenges and position themselves as leaders in the renewable energy domain.

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