NTPC, ONGC to form JV promoting new and renewable energy

This will be a 50:50 joint venture.

State-owned NTPC and ONGC have teamed up to form a joint venture (JV) that will fuel their initiatives in renewable and new energy through their green energy units NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd.

In a statement, the Ministry of Power said 50:50 JV will venture into various clean and new energy opportunities including solar, wind, energy storage, green molecule, e-mobility, carbon credits, and green credits. It will also tap opportunities to acquire renewable energy assets and consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujrat.

NGEL has submitted an application to the Ministry of Corporate Affairs for the incorporation of the JV.

“The strategic partnership between NGEL and OGL signifies a concerted effort towards advancing sustainable energy initiatives, aligning closely with the nation's ambitious goals for a greener future,” the ministry said.

“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,” it added.