ONGC is setting its sights on acquiring over one gigawatt (GW) of renewable energy projects as part of its strategy to enter the clean energy sector. ONGC Chairman and CEO A.K. Singh mentioned, “If we secure one GW this year, it will be through inorganic means. Our goal for this year is to exceed one GW through such methods”.
The company has issued a tender for one GW of renewable power, intended for its own use. ONGC has established a new subsidiary, ONGC Green (OGL), to manage these assets.
As reported by thehindubusinessline.com, OGL will be responsible for the company’s renewable energy initiatives, including solar, wind, hybrid, hydropower, tidal, and geothermal energy, as well as ventures into biofuels, biogas, green hydrogen and its derivatives (such as green ammonia and green methanol), energy storage, carbon capture, and the LNG sector.
