ONGC, NTPC forms JV to explore and setup RE Projects

Oil and Natural Gas Corporation (ONGC) and NTPC Ltd have jointly incorporated ONGC NTPC Green Private Ltd (ONGPL) with an authorized share capital of Rs 10 lakh. This 50:50 joint venture (JV) between ONGC Green Ltd (OGL) and NTPC Green Energy Ltd (NGEL), both wholly-owned subsidiaries, aims to expand India’s renewable energy footprint.

As per the exchange filing made, It is hereby informed that a company - 'ONGC NTPC GREEN PRIVATE LTD (ONGPL)', has been incorporated on 18.11.2024 as a 50:50 joint venture of NTPC Green Energy Ltd (NGEL), a wholly-owned subsidiary of NTPC Ltd and ONGC Green Ltd (OGL), a wholly-owned subsidiary of Oil and Natural Gas Corporation Ltd.

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ONGPL’s objectives include exploring and setting up renewable energy (RE) projects through greenfield development and acquisitions. The company will also focus on offshore wind energy projects and assess opportunities in energy storage, e-mobility, and ESG-compliant ventures.

"ONGPL will be engaged in the business of exploring and setting up renewable energy (RE) projects and assets both through Greenfield development and acquisitions. ONGPL will also assess the feasibility and establishment of offshore wind projects, among other related activities," it said

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Additionally, ONGPL will explore initiatives related to carbon and green credits, fostering India’s transition to a low-carbon economy. The venture has received regulatory approval from the Ministry of Power on August 19, 2024.

NGEL and OGL have each subscribed to 50% of the company’s equity share capital, contributing Rs 5 lakh each by acquiring 50,000 shares at a face value of Rs 10 per share.

ONGPL plans to capitalize on various opportunities, including tender-based competitive bidding (TBCB) for power sales, to expand its renewable energy portfolio in India and overseas. It also intends to develop RE projects for its parent entities, OGL and NGEL, and their affiliates.

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