ONGC & NGEL sign Joint Venture agreement for renewable energy
As India stresses upon advancing renewable energy initiatives, state-owned Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy Limited (NGEL) have formally entered into a Joint Venture Agreement (JVA) with a special focus on offshore wind projects, during the second of the ongoing India Energy Week held on Wednesday.
During the event, Union Minister of Petroleum and Natural Gas Hardeep Singh Puri was present and said it marked a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage.
The JVA was signed by NGEL CEO Mohit Bhargava and ONGC Executive Director Satish Kumar Dwivedi amid the presence of ONGC Chairman and CEO Arun Kumar Singh and NTPC Limited Chairman and Managing Director Gurdeep Singh.
This strategic partnership underscores the commitment of both entities to contribute significantly to India’s renewable energy landscape. The agreement spans ventures in offshore wind projects and extends its purview to explore potential opportunities in Storage, E-mobility, Carbon Credits, Green Credits, Green Hydrogen business, and derivatives such as Green Ammonia and Green Methanol.
The collaboration between NGEL and ONGC is a concerted effort towards advancing sustainable energy initiatives in alignment with the nation’s ambitious goals for a greener future. Building on their expertise and pooling resources, both entities are poised to drive innovation and foster environmental stewardship.
It is noteworthy that ONGC had previously laid the groundwork for this collaboration by signing a Memorandum of Understanding (MoU) with NGEL in September last year. The primary focus of the MoU was to assess feasibility and establish renewable energy projects across various sectors.
The Joint Venture Agreement solidifies the commitment of ONGC and NGEL to jointly navigate the complexities of renewable energy ventures, marking a significant step towards achieving India’s renewable energy goals.
