NTPC, ONGC join hands to work in new and renewable energy space

Power giant NTPC and oil major ONGC on Monday announced that they have joined hands to explore opportunities in the area of new and renewable energy.

The two entities will form a joint venture through their respective subsidiaries, NTPC said in a statement.

"NTPC and ONGC have collaborated to form a Joint Venture Company (JVC) through their Green Energy Subsidiaries (NTPC Green Energy Ltd and ONGC Green Energy Ltd) to further promote their interest in renewable and new energy arena," it said.

NGEL has also submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 Joint Venture Company with OGL, the statement said.

The JV will venture into various renewable energy (RE) and new energy opportunities, including solar, wind, energy storage, e-mobility, carbon credits and green credits.

It will also seek opportunities to acquire renewable energy assets and consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujarat.

"Considering their domain expertise and resources, both entities are poised to contribute significantly to India's renewable energy landscape, driving innovation and fostering environmental stewardship," the statement said.