India’s NTPC and ONGC form renewable energy joint venture

November 5, 2024

The JV will be formed by the companies’ green energy subsidiaries, NTPC Green Energy (NGEL) and ONGC Green Energy (OGL). Credit: Piyaset / Shutterstock.

Indian public sector companies the National Thermal Power Corporation (NTPC) and the Oil and Natural Gas Corporation (ONGC) have collaborated to create a joint venture (JV) to advance their renewable energy opportunities.

The JV will be formed by the companies’ green energy subsidiaries NTPC Green Energy (NGEL) and ONGC Green Energy (OGL) in an equal partnership.

The partners signed the joint venture agreement in February 2024 during India Energy Week, and have already received statutory approvals from the Department of Investment and Public Service Management, and NITI Aayog (the National Institute for Transforming India).

NGEL has submitted its application to the Ministry of Corporate Affairs to establish a 50:50 renewable energy joint venture with OGL.

The collaboration will explore opportunities within the sustainable energy domain to advance renewable and new energy development in solar, onshore wind, offshore wind, pump and battery energy storage, green molecules (green hydrogen, green ammonia, sustainable aviation fuel, green methanol), e-mobility, carbon credits and green credits.

The joint venture will also explore the acquisition of renewable energy assets and consider participation in offshore wind tenders in the states of Tamil Nadu and Gujarat.

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The partnership marks a significant step towards promoting sustainable energy initiatives, in line with India’s ambitious goals for a more sustainable future.

In October 2024, JSW Energy Thirteen, a subsidiary of JSW Energy, finalised a power purchase agreement with NTPC for a 700MW solar energy project.

This strategic decision was in line with JSW Energy’s plan to grow its renewable energy assets and contribute to India’s overall objectives for energy transition.

The solar project, scheduled for commissioning by June 2026, will be connected via the Inter-State Transmission System and State Transmission Utility networks.

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