ONGC Green Limited and NTPC Green Energy Limited (NGEL) have formed a 50:50 joint venture (JV) called ONGC NTPC Green Private Limited to develop renewable energy projects in India and abroad.
With an authorised share capital of Rs 1 million, the venture will focus on greenfield projects, acquisitions, and offshore wind projects. It aims to support renewable energy needs for ONGC and NTPC subsidiaries, explore opportunities in energy storage, e-mobility, and ESG-compliant projects, and participate in offshore wind tenders. The venture also plans to utilise carbon and green credits to promote a low-carbon economy.