ONGC Accelerates Green Energy Drive with Major Investments and Strategic Acquisitions – EQ
In Short : ONGC plans to invest ₹3,500 crore this fiscal year to boost its green energy capacity, targeting 10 GW by 2030. The company will develop 1 GW of solar and wind projects and has acquired PTC Energy’s 288 MW wind assets. Through a joint venture, it also secured Ayana Renewable Power, reinforcing its shift towards sustainable energy.
In Detail : India’s Oil and Natural Gas Corporation (ONGC) is making a major push into the renewable energy sector, with plans to invest up to ₹3,500 crore in the current financial year. This marks a significant step as ONGC aims to reduce its dependence on fossil fuels and align itself with the global transition towards greener energy sources.
As part of its strategy, ONGC is targeting the development of 1 GW of new renewable energy projects. These projects will be evenly split between solar and wind energy, reinforcing the company’s commitment to diversifying its energy portfolio and contributing to India’s renewable energy targets.
In a key move to expand its renewable footprint, ONGC recently completed the acquisition of PTC Energy Ltd for ₹925 crore. This acquisition adds 288 MW of operational wind power capacity to ONGC’s portfolio, further strengthening its position in the green energy space.
The company has also expanded its reach through a joint venture with NTPC Green Energy, acquiring Ayana Renewable Power. Ayana operates a mix of solar and wind assets valued at approximately $2.3 billion, making it a significant addition to ONGC’s growing clean energy assets.
These efforts are aligned with ONGC’s broader goal of achieving 10 GW of renewable energy capacity by 2030. This ambitious target is part of India’s national aim to reach 500 GW of non-fossil fuel electricity generation by the end of the decade.
With these investments and acquisitions, ONGC is demonstrating its commitment to becoming a key player in the renewable energy sector. The company’s shift highlights a strategic pivot towards sustainability, setting a strong foundation for a greener and more resilient future.
