NTPC, ONGC to form Indian renewable energy JV

Indian state-run utility NTPC Ltd (BOM:532555) and domestic oil and gas company ONGC (BOM:500312) intend to set up a joint venture (JV) to invest in the renewable energy field.

The new business will be established through each of the two companies green energy subsidiaries, NTPC Green Energy and ONGC Green Energy, according to a statement on Monday.

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The two companies will have a 50% stakes in the new entity, which will seek new ventures and asset acquisitions and will take part in upcoming offshore wind tenders in Tamil Nadu and Gujarat. The business focus on various renewable energy technologies such as solar and wind, pumped hydro and battery energy storage, green hydrogen and ammonia and sustainable aviation fuel (SAF). The partners’ intention is to expand into e-mobility, carbon credits, and green credits at a later stage of their collaboration.

NTPC and ONGC have filed an application with the Ministry of Corporate Affairs to incorporate the new company.