Offshore Wind Projects

In a significant move towards bolstering renewable energy endeavors, ONGC and NTPC Green Energy Limited (NGEL) have sealed a Joint Venture Agreement (JVA) to focus on developing offshore wind projects. The agreement, inked during India Energy Week in Goa on 7 February 2024, witnessed the presence of the Honourable Minister of Petroleum and Natural Gas and Minister of Housing and Urban Affairs, Hardeep Singh Puri.

The JVA between ONGC and NGEL signifies a pivotal collaboration aimed at spearheading renewable energy projects, both domestically and on the global stage. Emphasizing offshore wind projects as a critical focal point, the agreement also explores potential opportunities in storage, e-mobility, carbon credits, green hydrogen business, and its derivatives, such as green ammonia and green methanol.

This joint venture builds upon the foundation laid by an earlier Memorandum of Understanding (MoU) signed between ONGC and NGEL on 27 September 2023. The MoU, which aimed to advance renewable energy goals in tandem with the energy transition, focused on evaluating feasibility and establishing renewable energy projects across diverse sectors.

The strategic partnership between NGEL and ONGC underscores a collective commitment to advancing sustainable energy initiatives. Aligned with the nation’s ambitious targets for a greener future, this collaboration seeks to harness expertise and resources to impact India’s renewable energy landscape significantly. Both entities are poised to play a pivotal role in shaping India’s renewable energy trajectory by fostering innovation and championing environmental stewardship.

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