Power Giant NTPC and Oil Major ONGC Join Forces in Renewable Energy
In a welcome initiative to expand their portfolios and contribute to India’s renewable energy landscape, power giant NTPC and oil major ONGC have announced a crucial partnership. The two companies will form a joint venture through their subsidiaries, NTPC Green Energy Ltd and ONGC Green Energy Ltd, with the aim of exploring new opportunities in renewable and sustainable energy projects. This collaboration brings together their vast expertise and resources, ensuring a shared commitment towards innovation and promoting environmental stewardship.
New Company Will Focus on Diversifying Energy Sources
Under the new joint venture, NTPC Green Energy Ltd (NGEL) has already submitted an application to the Ministry of Corporate Affairs to establish a 50:50 Joint Venture Company with ONGC Green Energy Ltd (OGL). This collaboration will enable them to target diverse renewable energy opportunities, including solar, wind, energy storage, e-mobility, carbon credits, and green credits. By diversifying their energy sources, both companies can bolster India’s renewable energy sector and reduce dependence on non-renewable resources.
Focusing on Acquisitions and Participating in Offshore Wind Tenders
In addition to targeting various renewable energy opportunities, the new joint venture will actively pursue the acquisition of renewable energy assets. Their strategic approach will strengthen their positions in the industry and ultimately contribute to the growth of the sector. Moreover, NTPC and ONGC’s joint venture will participate in upcoming offshore wind tenders, particularly in Tamil Nadu and Gujarat. This move reflects the initiative’s ambition to tap into the unlimited potential of offshore wind energy.
Contributing to India’s Clean Energy Vision
India has been steadily increasing its focus on clean energy and sustainability, with ambitious targets laid out in the form of the National Solar Mission and the National Wind Mission. This partnership between NTPC and ONGC supports the country’s clean energy vision by harnessing their collective strength and expertise. By aligning their objectives with the nation’s goals, they aim to power India’s future by promoting cleaner energy sources and reducing its carbon footprint.
Towards A Green Future
The partnership formed between NTPC and ONGC presents an exciting opportunity for both companies to contribute significantly to the renewable energy sector. Their joint venture will enable them to explore various avenues for renewable energy generation, while also acquiring existing assets to expedite the growth process. By working together, NTPC and ONGC are exemplifying the importance of collaboration in achieving sustainable development. With their shared vision and determination, they are poised to make a lasting impact on India’s renewable energy landscape, setting the stage for a future powered by green technologies.
