New Delhi, November 4 (IANS). Maharatna public sector companies NTPC and OAGC have decided to form a joint venture through their subsidiaries NTPC Green Energy Limited (NGEL) and ONGC Green Energy Limited (OGL) working in the green energy sector. Its objective is to rapidly advance projects in the renewable and new energy sector.
The Ministry of Energy said that after signing the Joint Venture Agreement on 7 February 2024 during the ‘India Energy Week-2024’ and obtaining the necessary statutory approvals from DIPAM and NITI Aayog, NGEL has registered as OGL with the Ministry of Corporate Affairs. Has applied to form a joint venture in 50:50 partnership with.
Through this joint venture, opportunities present in solar, wind, energy storage, green hydrogen, green ammonia, e-mobility, carbon credits and green credits will be availed.
The ministry further said that the joint venture will explore opportunities for acquisition of renewable energy assets. At the same time, it will also consider participation in the upcoming offshore wind tenders in Tamil Nadu and Gujarat.
The strategic partnership between NGEL and OGL marks a concerted effort towards pursuing sustainable energy initiatives, which is closely aligned with the country’s ambitious goals for a green future.
Minister of State for New and Renewable Energy Shripad Yesso Naik recently discussed with industry representatives the Production-Linked Incentive (PLI) Scheme and other incentives to promote Indian manufacturing in the renewable energy sector.
During this, Naik has assured the Industry Association of full support from the Ministry. Also said that the government is committed to making India a low carbon economy.
All India Solar Industries Association was also among the representatives of the renewable energy industry in the meeting.
–IANS
ABS/ABM
