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In a significant development for India’s renewable energy sector, ONGC (Oil and Natural Gas Corporation) and NTPC Green Energy Limited (NGEL) have sealed a landmark Joint Venture Agreement (JVA) on 7th February 2024. This collaboration, inked during the India Energy Week event in Goa and witnessed by Hon’ble Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs, Hardeep Singh Puri, marks a pivotal step towards bolstering renewable energy projects, particularly focusing on offshore wind ventures.
The JVA, formalized between NGEL CEO Mohit Bhargava and ONGC Executive Director Satish Kumar Dwivedi, in the presence of ONGC Chairman and CEO Arun Kumar Singh and NTPC Limited Chairman and Managing Director Gurdeep Singh, underscores a strategic alliance aimed at spearheading green energy initiatives both domestically and internationally.
Notably, the agreement extends its purview beyond offshore wind projects, delving into a spectrum of renewable energy avenues such as storage solutions, e-mobility, carbon credits, green hydrogen, and its derivatives like green ammonia and green methanol. This comprehensive approach underscores the commitment of both entities towards fostering sustainability and environmental stewardship.
The genesis of this collaboration traces back to a Memorandum of Understanding (MoU) signed between ONGC and NGEL on 27th September 2023, which laid the groundwork for advancing renewable energy goals in consonance with India’s energy transition aspirations. The synergy between NGEL and ONGC is poised to significantly contribute to India’s renewable energy landscape, driving innovation and laying a robust foundation for a greener future.
