04 Nov 2024
According to NTPC, "Power giant NTPC and oil leader ONGC today announced that they have collaborated to explore opportunities in the new and renewable energy sector. The two companies will establish a joint venture through their respective subsidiaries."
"NTPC and ONGC have joined hands to form a Joint Venture Company (JVC) through their Green Energy Subsidiaries (NTPC Green Energy Ltd. and ONGC Green Energy Ltd.) to further explore their initiatives in the renewable and new energy sectors," it said.
NGEL has also filed an application with the Ministry of Corporate Affairs to establish a joint venture company with OGL for the 50:50 partnership structures, according to the statement.
The JV will venture into a range of opportunities in renewable and new energy sectors, such as solar, wind, energy storage, electric mobility, carbon credits, and green credits. Additionally, it will look into acquiring renewable energy assets and participate in forthcoming offshore wind tenders in Tamil Nadu and Gujarat.
The statement added, "Given their expertise and resources, both organisations are well-positioned to play a vital role in enhancing India's renewable energy sector, foster innovation, and promote environmental conservation."
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