New Delhi: Oil and Natural Gas Corporation (ONGC) Limited and NTPC Green Energy Limited (NGEL) have signed a joint venture agreement (JVA) to develop renewable energy projects focusing on offshore wind. This has been signed on Wednesday during India Energy Week 2024 held at Goa. The JVA was signed in the presence of Minister of Petroleum and Natural Gas and the Minister of Housing and Urban Affairs Hardeep Singh Puri.
The joint venture agreement has been signed between NGEL CEO Mohit Bhargava, and ONGC Executive Director Satish Kumar Dwivedi. The signing took place in the presence of ONGC Chairman & CEO Arun Kumar Singh, and NTPC Limited's Chairman and Managing Director (CMD) Gurdeep Singh in the presence of Minister Puri.
The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage. Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol.
Backdrop
ONGC had earlier inked an MoU with NGEL on September 27, 2023 to advance its renewable energy goals in alignment with the energy transition. The primary focus of the MoU was to assess feasibility and establish renewable energy projects across various sectors.
This strategic partnership between NGEL and ONGC signifies a concerted effort towards advancing sustainable energy initiatives, aligning closely with the nation's ambitious goals for a greener future. By synergizing expertise and resources, both entities are poised to contribute significantly to India's renewable energy landscape, driving innovation and fostering environmental stewardship.
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