Oil and Natural Gas Corporation (ONGC) is taking bold steps to accelerate its transition to renewable energy. The company plans to invest up to ₹3,500 crore in the current financial year, marking a pivotal moment in its efforts to reduce reliance on fossil fuels and align with the global shift toward cleaner energy sources.
Strategic Investments in Renewable Energy Projects
ONGC is aiming to develop 1 GW of new renewable energy capacity, equally divided between solar and wind power. This ambitious goal not only supports ONGC’s diversification strategy but also contributes to India’s renewable energy targets, strengthening its role in the nation’s energy transition.
Acquiring PTC Energy Ltd for Wind Power Expansion
In a strategic move, 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, significantly expanding its renewable energy assets and reinforcing its commitment to a greener future.
Joint Venture with NTPC Green Energy and Acquisition of Ayana Renewable Power
Further expanding its renewable footprint, ONGC has entered into a joint venture with NTPC Green Energy. Through this partnership, ONGC acquired Ayana Renewable Power, which operates a combination of solar and wind assets valued at $2.3 billion. This acquisition strengthens ONGC’s growing clean energy portfolio, positioning it as a key player in the renewable energy sector.
Setting Ambitious Renewable Energy Targets
Looking ahead, ONGC aims to achieve 10 GW of renewable energy capacity by 2030, aligning with India’s national goal of reaching 500 GW of non-fossil fuel electricity generation by the decade’s end. These targets reflect ONGC’s commitment to sustainability and its drive to build a greener, more resilient energy future.
A Strategic Shift Towards Sustainability
With these significant investments and acquisitions, ONGC is clearly pivoting towards a sustainable energy future. As reported by eqmagpro.com, the strategy enhances the company’s position in the renewable energy sector. It also underscores ONGC’s long-term vision to lead in the global transition to clean energy.
