Indian state-owned companies ONGC and NTPC’s subsidiary NTPC Green Energy Limited (NGEL) have entered a JV agreement to develop renewable energy projects in the country.

The JV will focus on offshore wind and marks a significant step for India’s renewable energy sector.

The agreement was signed by NGEL CEO Mohit Bhargava and ONGC executive director Satish Kumar Dwivedi in the presence of Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs Hardeep Singh Puri.

The partnership will advance renewable energy initiatives in India and internationally.

It includes a broad spectrum of ventures, notably in offshore wind projects, while also exploring potential opportunities in energy storage, e-mobility, carbon and green credits, and green hydrogen business and its derivatives such as green ammonia and green methanol.

In December 2023, ONGC received approval from the Indian Government to set up a new unit for its gas business and clean energy projects, the Economic Times reported.

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This subsidiary business has been named ONGC Green, and works on energy value chains including green hydrogen, hydrogen blending, biogas, liquefied natural gas, and renewables such as solar, wind and hybrid.

The company has a current renewables portfolio of 176MW, including 153MW of wind and 23MW of solar.

The partnership builds on the memorandum of understanding (MOU) signed between the two companies in September 2023.

This strategic alliance between NGEL and ONGC underscores a joint commitment to sustainable energy initiatives.

In August 2023, ONGC announced plans to invest Rs1trn ($12.3bn) in green initiatives by the end of the decade to expand its renewable energy capacity to 10GW by 2030.

The strategy is in line with India’s national objectives to reduce carbon emissions by one billion tonnes and carbon intensity by 45% by the same year.