ONGC, NTPC Green Enter JV To Build Offshore Wind Project In India

ONGC, NTPC Green Enter JV To Build Offshore Wind Project In India

ONGC NTPC Green Private Limited (ONGPL) was recently incorporated as a 50:50 joint venture between NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, and ONGC Green Limited (OGL), a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited.

The authorized share capital of ₹10 lakh has been subscribed to explore and set up Renewable Energy (RE) projects/assets in India and overseas through greenfield development and acquisitions. These efforts are to be pursued after firming up the sale of power through various opportunities, including TBCB (Tariff-Based Competitive Bidding) tenders. The venture also aims to explore the feasibility of and set up offshore wind projects in India. Additionally, it seeks to utilize renewable energy for developing RE projects/assets for OGL, NGEL, and their affiliates.

This joint venture envisions harnessing potential opportunities in storage, e-mobility, and ESG (Environmental, Social, and Governance) compliant projects. It will also explore opportunities related to Carbon Credits and Green Credits to support the transition to a low-carbon economy. NGEL has subscribed to 50,000 (fifty thousand) equity shares at a face value of ₹10 each.

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NTPC, ONGC Form JV For Renewable Energy

Maharatna PSUs 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.

Subsequent to the signing of the Joint Venture Agreement on 7^th February 2024, during India Energy Week 2024, and obtaining the required statutory approvals from DIPAM and NITI Aayog, NGEL has submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 Joint Venture Company with OGL.

This JVC shall venture into various Renewable Energy (RE) and New Energy opportunities including Solar, Wind (Onshore/Offshore), Energy Storage (Pump/Battery), Green molecule (Green Hydrogen, Green Ammonia, Sustainable Aviation Fuel (SAF), Green Methanol), E-mobility, Carbon Credits, Green Credits, etc. This JVC will also seek opportunities to acquire renewable energy assets and will also consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujrat.

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