New Delhi, Nov 4 : Maharatna public sector companies NTPC and ONGC have collaborated to form a Joint Venture Company (JVC) through their green energy subsidiaries ' NTPC Green Energy Ltd. and ONGC Green Energy Ltd, to give a push to their expansion plans in the renewable and new energy sector.

'Subsequent to the signing of the Joint Venture Agreement on 7th February 2024, during India Energy Week 2024, and obtaining the required statutory approvals from DIPAM and NITI Aayog, NGEL has submitted an application to the Ministry of Corporate Affairs for the incorporation of a 50:50 Joint Venture Company with OGL,' said the Ministry of Power.

The ministry said that this joint venture will take up various Renewable Energy (RE) and New Energy opportunities including Solar, Wind (Onshore/Offshore), Energy Storage (Pump/Battery), Green molecule (Green Hydrogen, Green Ammonia, Sustainable Aviation Fuel (SAF), Green Methanol), E-mobility, Carbon Credits and Green Credits, the statement explained.

'The JV will also seek opportunities to acquire renewable energy assets and consider participation in upcoming offshore wind tenders in Tamil Nadu and Gujarat,' the ministry added.

It said that the strategic partnership between NGEL and OGL signifies a concerted effort towards advancing sustainable energy initiatives, aligning closely with the nation's ambitious goals for a greener future.

'Considering their domain expertise and resources, both entities are poised to contribute significantly to India's renewable energy landscape, driving innovation and fostering environmental stewardship, the ministry said.

It said that both the power sector behemoth and the upstream oil giant are poised to play a major role in helping the country cut its carbon footprint with the expansion of green energy projects.

'The government is also keen to help achieve India's target of reducing carbon emissions in the fight against climate change,' the ministry said.

Meanwhile, Minister of State for New and Renewable Energy Shripad Yesso Naik recently held discussions with industry representatives on the production-linked incentive (PLI) scheme and other incentives to promote Indian manufacturing in the renewable energy sector.

Naik assured renewable energy industry associations of full support from MNRE, emphasizing the government's commitment to accelerating India's transition to a low-carbon economy.

The representatives from the renewable energy industry included the All-India Solar Industries Association.

/IANS