NTPC, ONGC green arms form 50:50 JV for renewable energy play

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| Photo Credit: The Hindu

Public Sector Undertakings (PSU) NTPC Limited and ONGC Limited have announced the formation of a 50:50 Joint Venture Company (JVC) through their green energy subsidiaries NTPC Green Energy Limited and ONGC Green Energy Limited respectively to further promote their interest around renewable and new energy. 

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“Necessary statutory approvals from DIPAM and NITI Aayog have been obtained. This JVC will 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,” the PSUs said in a statement. 

“The 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,” the statement added.