In a significant development for India’s renewable energy sector, Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy Limited (NGEL) have inked a Joint Venture Agreement (JVA) to focus on the development of offshore wind projects. The agreement, signed on February 7, 2024, during India Energy Week in Goa, was graced by the presence of Hon’ble Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs, Hardeep Singh Puri.
The JVA was formalized by NGEL CEO Mohit Bhargava and ONGC Executive Director Satish Kumar Dwivedi, in the esteemed presence of ONGC Chairman and CEO Arun Kumar Singh and NTPC Limited Chairman and Managing Director Gurdeep Singh, alongside Minister Puri.
This collaboration marks a strategic partnership between ONGC and NGEL, aiming to drive renewable energy projects both domestically and internationally, with a specific focus on offshore wind ventures. Furthermore, the agreement also explores potential opportunities in diverse areas such as storage, e-mobility, carbon credits, green credits, and green hydrogen business, including derivatives like green ammonia and green methanol.
The signing of this JVA underscores a concerted effort by key players in India’s energy landscape to diversify into clean and sustainable sources, aligning with the country’s ambitious renewable energy targets and contributing to global efforts to combat climate change.
Discover more from SolarQuarter
Subscribe to get the latest posts sent to your email.
