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ONGC and NTPC Form Equal Partnership for 50:50 Renewable Energy Joint Venture.

Economy Business | Dated: 01 Dec 2024

In November 2024, NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Limited, partnered with ONGC Green Limited (OGL), a subsidiary of Oil and Natural Gas Corporation Limited (ONGC), to establish ONGC NTPC Green Private Limited (ONGPL).

🎯 Key Highlights:

  • - This 50:50 Joint Venture (JV) aims to accelerate the development of Renewable Energy (RE) projects.
  • - ONGPL will focus on Greenfield RE projects, asset acquisitions, and feasibility studies for offshore wind energy.
  • - NTPC Green Energy Limited is gearing up for its Rs 10,000 crore Initial Public Offering (IPO), further boosting its renewable energy ambitions.

💡 Other Important Facts:

  • (i) ONGPL will venture into various renewable energy and new energy opportunities including solar and wind energy, both onshore and offshore, and green molecules such as green hydrogen, green ammonia, sustainable aviation fuel (SAF), and green methanol.
  • (ii) It also plans to explore storage solutions, e-mobility initiatives, and Environmental and Social Governance (ESG)-compliant projects.
  • (iii) ONGPL will cater to renewable energy needs for OGL, NGEL, and their affiliates while exploring domestic and international RE asset acquisitions.

📚 Test Your Knowledge:

Recently, ONGC formed a 50:50 renewable energy joint venture with which company?

Correct Answer: NTPC Limited

🚀 Quick Recap: