NTPC And ONGC Form Joint Venture For Solar, Wind, And Hydrogen Projects
Date
11/5/2024 2:07:08 PM
(MENAFN- KNN India)
New Delhi, Nov 5 (KNN) In a significant move towards sustainable energy development, two of India's leading Maharatna public sector undertakings, NTPC and ONGC, have announced the formation of a joint venture company through their respective green energy subsidiaries.
The collaboration, formalised during India Energy Week on February 7, 2024, brings together NTPC Green Energy Ltd. (NGEL) and ONGC Green Energy Ltd. (OGL) in an equal partnership structure.
The joint venture, currently awaiting approval from the Ministry of Corporate Affairs, has already secured clearances from DIPAM and NITI Aayog.
This strategic alliance represents a major consolidation in India's renewable energy sector, combining the expertise and resources of two energy sector stalwarts.
The new entity's operational scope encompasses a comprehensive range of renewable energy initiatives, including solar and wind power projects, both onshore and offshore.
The venture will also pursue advanced energy storage solutions through pumped storage facilities and battery systems, while expanding into emerging green technologies such as hydrogen, ammonia, sustainable aviation fuel, and green methanol production.
Beyond technology development, the joint venture has outlined ambitious plans to acquire existing renewable energy assets and participate in upcoming offshore wind energy projects along the coastlines of Tamil Nadu and Gujarat.
This collaboration underscores India's commitment to transitioning towards sustainable energy sources and positions both companies at the forefront of the nation's green energy revolution.
(KNN Bureau)
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