Indian state-owned energy companies NTPC Ltd and Oil and Natural Gas Corporation (ONGC) have announced plans to form a joint venture (JV) focused on renewable energy development.
The new entity, to be equally owned by NTPC's and ONGC's respective green energy subsidiaries, NTPC Green Energy and ONGC Green Energy, will pursue projects across a range of renewable energy sectors.
The JV will aim to participate in offshore wind tenders in Tamil Nadu and Gujarat and will also target various clean energy technologies, including solar and wind power, pumped hydro storage, battery energy storage, green hydrogen, and green ammonia production, along with sustainable aviation fuel (SAF).
Additionally, the companies plan to expand their scope to include e-mobility initiatives, carbon credits, and green credits as the partnership develops.
NTPC and ONGC have filed an application with the Ministry of Corporate Affairs to formally incorporate the new entity, setting the stage for both companies to play a larger role in India's transition to sustainable energy.
