April 23, 2024 22:22 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Under construction Telangana bridge collapses as high wind gushes through the area | Rajnath Singh visits Siachen, carries out assessment of security situation | Government employee shot dead in targeted attack in Kashmir's Rajouri | 'Congress will take away your homes, jewels': PM Modi ups his attack amid row | Centre orders sampling test of spices from Everest, MDH after ban in Hong Kong, Singapore
ONGC, NTPC enter JV to set up offshore wind energy projects
Photo Courtesy: Pixabay

ONGC, NTPC enter JV to set up offshore wind energy projects

India Blooms News Service | @indiablooms | 08 Feb 2024, 01:33 am

Goa: India's leading oil producer ONGC and the country's largest power company NTPC signed a joint venture agreement on Wednesday to establish offshore wind energy projects, marking a significant stride towards enhancing cooperation in the renewable energy sector. This agreement was signed during India Energy Week.

"The JVA marks a pivotal collaboration aimed at spearheading renewable energy projects both within India and on the international stage," Oil and Natural Gas Corporation (ONGC) said in a statement. "Specifically, the agreement encompasses ventures in offshore wind projects while also delving into potential opportunities in storage, e-mobility, carbon credits, green credits, green hydrogen business, and its derivatives such as green ammonia and green methanol."

The joint venture agreement was signed by NTPC Green Energy Limited (NGEL) CEO Mohit Bhargava, and ONGC executive director Satish Kumar Dwivedi. The signing took place in the presence of ONGC chairman and CEO Arun Kumar Singh and NTPC Limited chairman and managing director Gurdeep Singh.

In December, ONGC obtained approval from the government to establish a new division dedicated to its gas business and clean energy initiatives, including ventures involving green hydrogen.

ONGC has named the new entity as ONGC Green Limited. This wholly-owned subsidiary is poised to focus on various segments within the energy domain, including green hydrogen, hydrogen blending, renewable energy (solar, wind, and hybrid), biofuels/biogas, and LNG, as per ONGC's announcement.

The nation's premier oil and gas producer aims to allocate Rs 1 lakh crore towards establishing 10 GW of renewable energy capacity and developing two million tonnes of green ammonia annual production capacity by 2035, in line with its decarbonization strategy.

ONGC's collaboration with NTPC will extend to offshore wind energy projects and other renewable energy endeavours.

In September of the preceding year, ONGC had entered into an agreement with NTPC Green Energy Limited, outlining cooperation on renewable energy ventures.

This joint venture included joint efforts in offshore wind projects and exploring opportunities in storage, e-mobility, carbon credits, green credits, nuclear energy, green hydrogen business, and its derivatives such as green ammonia and green methanol.

ONGC currently boasts a renewable energy portfolio totaling 176 MW, which includes 153 MW generated from wind power and 23 MW from solar sources. The company has set ambitious goals, aiming to augment its renewable power capacity to 10 gigawatts by the year 2040.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.