ONGC and NTPC, through their respective green subsidiaries, have joined hands to explore together greenfield renewable projects in India and abroad, as well as acquisition opportunities, setting up joint venture company ONGC NTPC Green, a release said on November 18.
NTPC said the Power Ministry had in August conveyed its approval for the JV between the green subsidiaries of NTPC and ONGC, and the new entity has now been incorporated.
The joint venture comes a day ahead of the public issue of NTPC Green, and will explore and set up of renewable energy projects or assets globally, through "Greenfield development
and acquisitions after firming up of the sale of power from various opportunities
including TBCB tenders." The joint venture will aim to explore and harness opportunities in Storage, e-mobility and ESG compliant projects.
NTPC Green Energy, the renewable energy arm of NTPC, is gearing up for its Rs 10,000 crore initial public offering (IPO), which opens on November 19. The JV will also explore the feasibility of offshore wind projects in India, NTPC said.
Acquisitions of renewable energy assets in India or abroad are also on the agenda of the JV, as also the opportunity related to Carbon Credits and Green Credits.
Last week, Reuters reported citing sources that a joint venture between NTPC Green Energy and ONGC Green Energy emerged as the highest bidder for Ayana Renewable Power, having bid about $650 million. NTPC Green and ONGC Green had signed an agreement in February this year to float an equal joint venture, Reuters added.
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