NTPC and ONGC form JV for green energy

Public sector units (PSUs) NTPC Ltd and ONGC Ltd have teamed up to explore opportunities in new and renewable energy, a company statement said.
The joint venture has been formed through their respective green energy subsidiaries, NTPC Green Energy Ltd (NGEL) and ONGC Green Energy Ltd (OGL).
The development follows a deal signed on 7 February by both the companies during India Energy Week.
Statutory approvals from the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog are in place, the statement said.
NGEL has submitted an application to the ministry of corporate affairs to formalize the incorporation of the 50:50 joint venture with OGL.
Primary areas of focus will include solar and wind power (both onshore and offshore), advanced energy storage systems such as pumped hydro and battery technology, and production of green molecules green hydrogen, green ammonia, sustainable aviation fuel (SAF) and green methanol.
It will also promote e-mobility and engage in carbon credit and green credit projects that will promote global sustainability.
Moreover, the venture will seek opportunities to acquire renewable energy assets and aims to take part in upcoming offshore wind tenders in Tamil Nadu and Gujarat, the statement added.