To propel India’s renewable energy goals, ONGC and NTPC have entered into a joint venture to explore and develop renewable energy projects specifically on offshore wind energy. The new entity, ONGC NTPC Green Private Limited (ONGPL), was officially incorporated as a 50:50 JV between NTPC Green Energy Limited (NGEL), a subsidiary of NTPC Limited, and ONGC Green Limited (OGL), a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited.

The venture, has an authorised share capital of ₹10 lakh, will pursue greenfield projects as well as acquisitions, with a clear focus on sustainability and the transition to a low-carbon economy. The JV plans to engage in Tariff-Based Competitive Bidding (TBCB) tenders to secure power purchase agreements, solidifying its strategy to build out a diverse portfolio of renewable energy assets.

The company intends to explore the feasibility of setting up offshore wind projects, particularly in regions such as Tamil Nadu and Gujarat, where offshore wind tenders are expected to be announced soon. The venture is also exploring opportunities in energy storage, e-mobility, and ESG (Environmental, Social, and Governance)-compliant projects.

Furthermore, the JV will investigate the potential for Carbon Credits and Green Credits, which can play a vital role in supporting the transition to a greener economy. With the growing global demand for clean energy and sustainability solutions, ONGPL is poised to capitalize on a wide range of emerging opportunities, from green hydrogen and sustainable aviation fuel (SAF) to green ammonia and green methanol.

As part of the agreement, NGEL has subscribed to 50,000 equity shares at a face value of ₹10 each, marking a significant step toward realizing the JV’s objectives. The partnership builds on a collaborative framework established between NTPC and ONGC, two of India’s largest Maharatna PSUs, to further their shared commitment to the renewable energy sector.

This joint venture follows the signing of the JV agreement on 7th February 2024 during India Energy Week 2024, and the subsequent regulatory approvals from the Department of Investment and Public Asset Management (DIPAM) and NITI Aayog. NGEL has already submitted an application to the Ministry of Corporate Affairs to formalise the incorporation of the JV.