The NGC Group of Companies said its new subsidiary, NGC Green Company Limited (NGC Green), will be a 30% equity investor in ‘Project Lara’, Trinidad and Tobago’s first industrial-scale solar farm project, following the planned transfer of the interest from NGC. This announcement was made at the Hyatt launch event on January 17, 2024. NGC’s involvement in Project Lara, through NGC Green, aligns with its broader strategy to transition towards cleaner energy sources.
Project Lara is expected to create up to 112 megawatts (MW) of solar generation for Trinidad and Tobago’s energy grid, which has historically been based on natural gas. The project is located across two sites – Brechin Castle Couva and Orange Grove Trincity. Construction at Brechin Castle started in the second quarter of 2023.
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NGC Green was formed following the expansion and renaming of NGC CNG on November 15, 2023. This strategic move was aimed at reflecting The NGC Group’s increasing focus on energy transition and climate action. As a wholly-owned subsidiary of NGC, NGC Green is dedicated exclusively to green energy and sustainability projects. Its mandate encompasses the exploration and acceleration of opportunities in clean and renewable energy, energy efficiency, sustainable transportation, alternative fuels, and research and development.
Dr. Joseph Ishamel Khan, NGC Group Chairman, stated that NGC’s investment in Project Lara, which will eventually be held by NGC Green Energy Company, a subsidiary of NGC Green, is just the beginning of numerous similar initiatives in collaboration with bp and Shell.
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NGC Green’s operational scope includes the ongoing management of compressed natural gas (CNG) fuel stations, the sale and marketing of CNG and CNG equipment, and the exploration of renewable transportation technologies.
NGC President Mark Loquan said NGC Green is integral to consolidating the Group’s efforts towards achieving a sustainable, low-carbon energy pathway. The subsidiary is purposed to strengthen NGC’s capacity to execute its green agenda and enhance the strategic diversification of the Group’s existing business model. A portion of the Group’s budget will be allocated to NGC Green to cover its operational costs and fund its investment activities.
