ONGC and NTPC Green enter into a renewable energy project agreement.

A joint venture agreement (JVA) has been struck by Oil and Natural Gas Corporation (ONGC) Limited and NTPC Green Energy Limited (NGEL) to construct renewable energy projects with an offshore wind concentration. On Wednesday, during the India Energy Week 2024 in Goa, this was inked. Ministers Hardeep Singh Puri of Housing and Urban Affairs and Petroleum and Natural Gas signed the JVA in attendance.

ONGC Executive Director Satish Kumar Dwivedi and NGEL CEO Mohit Bhargava have signed the joint venture agreement. Minister Puri witnessed the signing of the agreement between ONGC Chairman and CEO Arun Kumar Singh and NTPC Limited Chairman and Managing Director (CMD) Gurdeep Singh.

With the JVA, a critical partnership aiming at leading renewable energy projects in India and beyond is established. In particular, the agreement covers endeavors including offshore wind projects in addition to exploring possible prospects in storage, e-mobility, carbon credits, green credits, the business of green hydrogen, and its byproducts, including green methanol and ammonia.

On September 27, 2023, ONGC and NGEL signed a Memorandum of Understanding to further ONGC's renewable energy objectives in line with the energy shift. The main objective of the Memorandum of Understanding was to determine the viability of renewable energy projects in different industries.

The strategic relationship between NGEL and ONGC is indicative of a deliberate endeavor to promote sustainable energy measures, which are closely aligned with the nation's aspirational objectives for a more environmentally friendly future. Both organizations have the potential to make a substantial contribution to India's renewable energy landscape by combining their knowledge and resources, which will promote environmental stewardship and drive innovation.