Targeting solar, wind, battery storage technology, and more to power India’s sustainable future, NTPC and ONGC join forces in a green energy venture.
National Thermal Power Corporation (NTPC) Limited and Oil and Natural Gas Corporation (ONGC) have announced the creation of a 50:50 joint venture company (JVC) to advance their efforts in the renewable energy sector. The partnership is formed through their green energy subsidiaries, NTPC Green Energy Ltd (NGEL) and ONGC Green Energy Ltd (OGL).
The new venture will focus on a range of renewable and new energy opportunities, including solar and wind energy (both onshore and offshore), green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol. Additionally, it will explore emerging technologies such as energy storage (including pump and battery storage), e-mobility, and the development of carbon and green credits.
Furthermore, it will look for opportunities to acquire renewable energy assets and is particularly interested in participating in upcoming offshore wind projects in Tamil Nadu and Gujarat.
The companies stated that this collaboration supports India’s green energy goals and will boost the renewable energy sector, utilising NTPC and ONGC’s expertise to drive innovation and sustainability.
The agreement for the venture was signed in February, and NGEL has since obtained the necessary approvals from the Department of Investment and Public Asset Management and NITI Aayog. NGEL has applied to the Ministry of Corporate Affairs for the formal incorporation of the JVC.
In September, NTPC filed documents for NGEL’s initial public offering (IPO), with plans to raise nearly Rs 100 billion through the public listing. ONGC Green Energy Ltd was incorporated in February 2024, with an initial capital of Rs 1 billion. As it expands into the clean energy market, ONGC is targeting the acquisition of over 1 GW of renewable energy projects.
