ONGC Green Limited (OGL), a wholly owned subsidiary of Oil and Natural Gas Corporation (ONGC) and NTPC Green Limited, a NTPC Limited subsidiary, announced a 50:50 joint venture to form ONGC NTPC Green Private Limited (ONGPL).
“It is hereby informed that a Company – ONGC NTPC Green Private Limited (ONGPL), has been incorporated on 18.11.2024 as 50:50 joint venture of NTPC Green Energy Limited (NGEL), a wholly-owned subsidiary of NTPC Limited and ONGC Green Limited (OGL), a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited,” NTPC said in a regulatory filing.
Per the release, ONGPL will be engaged in the business of exploring and setting up Renewable Energy (RE) projects and assets both through Greenfield development and acquisitions. ONGPL will also assess the feasibility and establishment of offshore wind projects, among other related activities. The JV will also explore the opportunities in utilizing renewable energy and setting up of RE Projects/Assets for OGL & NGEL and its affiliate. Further, it will also explore and harness the potential opportunities in the fields of storage, emobility and ESG (Environmental, Social and Governance) compliant projects.
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Additionally, it will explore opportunities related to carbon credits and green credits for moving towards low carbon transition. The JV will also work on acquisition of any renewable energy assets in India/ abroad, subject to compliance with applicable guidelines and statute.
“Ministry of Power (MOP), Govt. of India vide its letter dated 19.08.2024 had conveyed their approval for formation of JVC between NGEL, a wholly-owned subsidiary of NTPC Limited and OGL, a wholly-owned subsidiary of Oil and Natural Gas Corporation Limited,” the filing stated.
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