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ONGC signs MoU with SGEL to collaborate in renewables, pump storage hydro project in India

Oil and Natural Gas Corporation (ONGC) signed a memorandum of understanding (MoU) with SJVN Green Energy Limited (SGEL) to collaborate in the areas of renewable energy, hydropower and pump storage hydro project development plan in India.

The MoU was signed on 9 August 2023 by Executive Director (Joint Venture & Business Development), ONGC, Deb Adhikari and Chief Executive Officer (CEO), SGEL, Ajay Kumar Singh, in the presence of Director (Finance), SJVN, Akhileshwar Singh.

Sr. Management of ONGC, SJVN, and SGEL during MoU signing ceremony Sr. Management of ONGC, SJVN, and SGEL during MoU signing ceremony

Over the years, ONGC, apart from its core E&P business, has diversified its business in petrochemicals, power, and SEZ development business through the joint venture route. Going forward into diversification, ONGC has taken initiatives for renewable energy power generation and installed around 189 MW capacity, including wind and solar PV plants spread across various locations.

SJVN Green Energy Limited (SGEL), a wholly-owned subsidiary of SJVN Limited, is a Miniratna CPSE under the administrative control of the Ministry of Power, Govt. of India.  SGEL has been established to work in the verticals of power generation from renewable energy Sources. SGEL is emerging as a fast-growing renewable energy player and making a strong presence in the renewable energy sector.

Collaboration with SJVN Green Energy Limited is envisaged for the development of projects, including Solar PV, Solar parks, Onshore wind, RE Hybrid, RE RTC Projects, Floating solar projects, Battery energy storage System, and Pumped storage projects by setting up power plant(s) pan India etc.

Speaking on the occasion, Chief JV& BD-ONGC Deb Adhikari said that “This collaborative approach of ONGC and SGEL will bring significant mutual benefits in the long run and together both the companies, will harness the power of renewable energy”. He emphasized that to get the fruits of collaboration efforts, actionable projects need to be carved out within a definite time frame.

ED–Chief JV&BD, ONGC, during his address on the occasion ED–Chief JV&BD, ONGC, during his address on the occasion

In his address Director (Finance), SJVN, congratulated both companies and remarked that SJVN welcomes the opportunity to work with ONGC and assured that the collective expertise and strengths will bring fruitful results in the creation of RE assets for the country.

Director (Finance), SJVN, during his address on the occasion Director (Finance), SJVN, during his address on the occasion

CEO, SGEL, in his address, mentioned that this meaningful partnership with strong partners like ONGC will be a step towards achieving the RE targets of both companies and enable us to get closer to meeting the country’s green energy aspirations.

CEO, SGEL, during his address CEO, SGEL, during his address (L) Head New Energy (Renewables) during the welcome address (R)

In the welcome address, Head of New Energy (Renewables) Harsh Nupur Joshi said that the MoU is a significant milestone in our efforts to collaborate and create a lasting impact in the RE journey of ONGC. The MoU needs to be converted into actionable projects to meet the ambitious RE targets.

Additionally, the MoU signing ceremony was also attended by Chief Production JV Assets & BD, ONGC, Ajay Ratan, Chief Corporate Strategy, ONGC, Satyan Kumar, Chief Exploration JV Assets & BD, ONGC, Jeetendra Tikku, Chief Legal Services, ONGC, Sandhya Yadav and other senior officers from ONGC, SJVN & SGEL.

The vote of thanks was delivered by G.M. (Inst.) JV&BD Pankaj Kumar Meena while the program was ably compered by CE-JV&BD Neeraj Kumar.