NGC Green Joins NGC Group of Companies

January 24th, 2024


NGC Green Joins Ngc Group Of Companies

Over the past few years, the local energy sector has been embracing the transition towards a cleaner energy future. NGC has been leading that movement, by pursuing a diverse Green Agenda, and integrating sustainability into all aspects of our business. NGC has delivered a milestone achievement to cement its green agenda through the formation of a new subsidiary of The NGC Group of Companies – NGC Green Company Limited (NGC Green).

NGC Green Joins Ngc Group Of Companies

On November 15th 2023, the operations of NGC CNG were expanded, and a deliberate and strategic decision was made to rename the company NGC Green Company Limited. The decision for the name change was made to adequately reflect The NGC Group’s increasing attention toward and investment in the energy transition and climate action. This strategic shift considered the need for continued investment in natural gas as a transitional fuel alongside clean energy investments as well as the value of having a separate business entity and dedicated capital allocation to focus exclusively on clean energy and energy efficiency.

NGC Green, a 100% subsidiary of NGC, will focus solely on green energy and sustainability projects. The company’s primary mandate will be to expand and accelerate The Group’s pursuit of local, regional and international opportunities around clean and renewable energy; energy efficiency; sustainable transportation; alternative fuels and research and development.

At the Hyatt launch event, hosted on 17th January 2024, it was announced that the company is actively pursuing opportunities in the clean and renewable energy space locally. Dr. Joseph Ishamel Khan, NGC Group Chairman, shared that NGC will be a 30% equity investor in what is currently called ‘Project Lara’, Trinidad and Tobago’s first industrial-scale solar farm project – the first of many more similar initiatives on the horizon with bp and Shell. It is intended that, following the required legal processes, NGC’s interest in this project would be held by NGC Green Energy Company, a subsidiary of NGC Green. This investment will significantly contribute to Trinidad and Tobago’s decarbonisation goals and its commitment to reduce its overall greenhouse gas emissions of 15% by 2030.

From an operational standpoint, NGC Green is already working to deliver on strategic sustainable energy initiatives. The company will continue with the work of construction and maintenance of compressed natural gas (CNG) fuel stations, the purchase, sale and marketing of CNG and CNG equipment and facilities and the exploration of renewable transportationtechnologies.

NGC and all the subsidiaries within the NGC Group will continue to pursue their individual operational greening activities, to reduce the carbon footprint at their respective facilities. Notwithstanding, NGC Green will now have oversight of external projects and investments in the areas of green and sustainable energy. It is anticipated that a portion of the Group’s budget will now be assigned to NGC Green, to cover its operational costs and fund its investment activities.

At the launch event for NGC Green, Mark Loquan, NGC President noted, “Given the challenges of global warming and climate change and the urgent need to build a sustainable, low-carbon pathway to energy efficiency, NGC Green will allow for the consolidation of the energy transition efforts within the NGC Group of Companies. This company will effectively strengthen the Group’s capacity to leverage its existing capabilities to successfully execute its green agenda. Additionally, NGC Green will create the space for NGC and its subsidiaries/companies to adapt and remain relevant in the changing energy landscape and environment. It will enhance the strategic diversification of the Group’s existing business model towards green energy and will ultimately create new revenue streams to ensure NGC’s long-term future as well as support the sustainable development of the energy sector.”

×