NTPC, ONGC form joint venture to work in new, renewable energy space

India's power giant NTPC Ltd and oil major Oil and Natural Gas Corp Ltd (ONGC) on Monday announced a joint venture to tap into the growing market for new and renewable energy. The joint venture will operate through their respective subsidiaries, NTPC Green Energy Ltd (NGEL) and ONGC Green Energy Ltd (OGL), NTPC said in a statement.

"NTPC and ONGC have collaborated to form a Joint Venture Company (JVC) through their Green Energy Subsidiaries (NTPC Green Energy Ltd and ONGC Green Energy Ltd) to further promote their interest in renewable and new energy arena," the Maharatna company said.

NGEL has filed an application with the ministry of corporate affairs to establish the 50:50 joint venture company with OGL, which will explore opportunities across various sectors, including solar, wind, energy storage, e-mobility, and carbon and green credits.

The collaboration builds on an agreement signed on February 7, 2024, during India Energy Week in Goa, where NGEL and ONGC committed to a partnership focused on offshore wind projects.

The joint venture’s areas will include offshore wind development, as well as ventures in energy storage, e-mobility solutions, and green hydrogen production. The venture will also explore green hydrogen derivatives such as green ammonia and green methanol.