ONGC, NGEL partner to develop offshore wind projects

The agreement marks a key milestone in renewable energy initiatives both nationally and internationally

February 8, 2024

Beyond offshore wind, the collaboration spans various renewable energy avenues, including storage, e-mobility, carbon credits, green hydrogen, and derivatives like green ammonia and green methanol

The signing ceremony involved influential figures such as Minister Hardeep Singh Puri, CEOs Mohit Bhargava and Satish Kumar Dwivedi, highlighted the commitment of ONGC and NGEL

This joint venture follows a memorandum of understanding (MoU) signed in 2023, signalling a continued commitment to advancing renewable energy goals in alignment with the global energy transition

Both entities aim to foster innovation and environmental stewardship, playing a pivotal role in shaping the future of renewable energy

Oil and Natural Gas Corporation (ONGC) and NTPC Green Energy Limited (NGEL) have formalised a Joint Venture Agreement (JVA) with a focus on offshore wind projects. This agreement, inked on February 7, 2024, during the India Energy Week in Goa, signifies a groundbreaking chapter in renewable energy initiatives within India and on the international stage. 

The signing ceremony took place in the presence of Hardeep Singh Puri, the Minister of Petroleum and Natural Gas, and witnessed the participation of NGEL CEO Mohit Bhargava and ONGC Executive Director Satish Kumar Dwivedi. Noteworthy attendees included ONGC Chairman and CEO Arun Kumar Singh and NTPC Limited Chairman and Managing Director Gurdeep Singh, emphasising the strategic importance of this collaboration.

This partnership is poised to explore diverse avenues within renewable energy, encompassing offshore wind projects, storage solutions, e-mobility, carbon credits, green credits, green hydrogen, and derivatives like green ammonia and green methanol. The joint venture builds upon a previous MoU signed between ONGC and NGEL on September 27, 2023, with the shared objective of harmonising renewable energy goals with the global energy transition. The establishment of this joint venture reflects a joint commitment by NGEL and ONGC to propel sustainable energy initiatives, aligning with the ambitious targets set by the nation for a more eco-friendly future. Through this collaborative effort, both entities aim to play a substantial role in shaping India’s renewable energy landscape, fostering innovation, and promoting environmental stewardship.

Source: Economic Times

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