NTPC and ONGC, two Maharatna public sector enterprises, have partnered to establish a Joint Venture Company (JVC) through their respective green energy subsidiaries—NTPC Green Energy Ltd. and ONGC Green Energy Ltd.—aimed at accelerating their growth in the renewable and new energy sectors. Following the signing of a Joint Venture Agreement on February 7, 2024, at India Energy Week 2024, and securing approvals from DIPAM and NITI Aayog, NTPC Green Energy Ltd. has submitted a request to the Ministry of Corporate Affairs to formally incorporate the 50:50 Joint Venture with ONGC Green Energy Ltd., according to a statement from the Ministry of Power.
This joint initiative will focus on a range of renewable and new energy projects, including solar and wind energy (both onshore and offshore), energy storage (pumped and battery), and green molecules such as green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol. The partnership also seeks to explore e-mobility, carbon credits, and green credits, according to the ministry.
Additionally, the joint venture plans to acquire renewable energy assets and participate in upcoming offshore wind energy tenders in states like Tamil Nadu and Gujarat. The collaboration between NTPC Green Energy Ltd. and ONGC Green Energy Ltd. underscores a unified commitment to advancing sustainable energy, contributing to India’s broader objectives of a cleaner and greener energy future.
With their combined expertise and resources, both NTPC and ONGC are positioned to play a crucial role in shaping India’s renewable energy sector, fostering innovation, and enhancing environmental sustainability. The ministry highlighted that these two major players are well-placed to support the country’s efforts to reduce carbon emissions through green energy expansion.
The government has also reaffirmed its commitment to combating climate change by supporting India’s clean energy transition. In a recent meeting, Minister of State for New and Renewable Energy, Shripad Yesso Naik, engaged with industry representatives to discuss the production-linked incentive (PLI) scheme and other measures to promote domestic manufacturing in the renewable energy sector. Naik assured industry stakeholders of the government’s full backing, emphasizing the importance of accelerating India’s shift to a low-carbon economy. Among the participants were members of the All-India Solar Industries Association.
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