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ONGC and NTPC Establish 50:50 Joint Venture for Renewable Energy Development.

Economy Business | Dated: 03 Dec 2024

In November 2024, NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Limited, partnered with ONGC Green Limited (OGL), a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), to establish ONGC NTPC Green Private Limited (ONGPL).

🎯 Key Highlights:

  • - This 50:50 Joint Venture (JV) aims to accelerate the development of Renewable Energy (RE) projects.
  • - ONGPL will focus on Greenfield RE projects, asset acquisitions, and feasibility studies for offshore wind energy.

💡 Other Important Facts:

  • (i) ONGPL will venture into various renewable energy and new energy opportunities including solar and wind energy, both onshore and offshore, as well as green molecules such as green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol.
  • (ii) ONGPL plans to explore storage solutions, e-mobility initiatives, and ESG-compliant projects while catering to the renewable energy needs of OGL, NGEL, and their affiliates, and also aims to explore domestic and international renewable energy asset acquisitions.
  • (iii) NTPC Green Energy Limited is preparing for its Rs 10,000 crore Initial Public Offering (IPO), further boosting its renewable energy ambitions.

📚 Test Your Knowledge:

Which two companies recently formed a 50:50 joint venture for renewable energy?

Correct Answer: ONGC and NTPC

🚀 Quick Recap:

About ONGC

  • Chairman & CEO : Arun Kumar Singh
  • Headquarters : New Delhi