In a significant move towards bolstering India’s renewable energy sector, Oil and Natural Gas Corporation (ONGC) has forged a groundbreaking Joint Venture Agreement (JVA) with NTPC Green Energy Limited (NGEL) aimed at spearheading offshore wind projects. The agreement, signed during the India Energy Week held in Goa on February 7, 2024, underscores a strategic collaboration poised to reshape the country’s energy landscape.
The signing ceremony, graced by the presence of Minister of Petroleum and Natural Gas, Hardeep Singh Puri, marks a pivotal moment in India’s renewable energy journey. With a firm commitment to driving sustainable energy initiatives, ONGC and NGEL are set to embark on a transformative journey towards a greener future.
Building upon a Memorandum of Understanding (MoU) inked between ONGC and NGEL in September 2023, the JVA signifies a deepened partnership aimed at harnessing renewable energy potential, particularly in the offshore wind sector. This strategic alliance not only underscores the companies’ dedication to fostering environmental stewardship but also aligns closely with India’s ambitious goals for a sustainable energy transition.
Under the purview of the JVA, ONGC and NGEL are poised to explore a wide array of ventures, encompassing offshore wind projects, storage solutions, e-mobility infrastructure, and the burgeoning market for carbon and green credits. Additionally, the partnership will delve into the potential of green hydrogen production and its derivatives, such as green ammonia and green methanol, thereby furthering India’s aspirations towards a hydrogen-powered economy.
By synergising their expertise and resources, ONGC and NGEL aim to make significant strides in advancing renewable energy projects, not only within India but also on the global stage. The collaborative efforts between these industry leaders are expected to drive innovation, promote sustainable development, and catalyse investments in clean energy infrastructure.
Commenting on the partnership, officials from both ONGC and NGEL expressed optimism about the transformative impact of the collaboration. They emphasised the importance of leveraging cutting-edge technologies and fostering strategic alliances to accelerate India’s transition towards a low-carbon future.
