Oil and Natural Gas Corporation (ONGC) announced that its subsidiary, ONGC Green, has acquired clean energy firm PTC Energy for $106.02 million. The acquisition is part of ONGC’s strategy to expand its renewable energy portfolio.
PTC Energy’s Wind Power Capacity
PTC Energy operates wind power projects with a total generation capacity of 288 megawatts. The projects are spread across seven locations in three Indian states. In the fiscal year 2024, the company generated revenue of 3.22 billion rupees.
India’s Renewable Energy Goals
India has pledged to establish 500 GW of non-fossil fuel electricity generation capacity by 2030. However, the country is still behind on its previous target of adding 175 GW by 2022.
ONGC’s Green Energy Expansion
ONGC Green is working toward achieving a ten GW renewable energy capacity by 2030. In February, ONGC and its joint venture, NTPC Green Energy, acquired Ayana Renewable Power. Ayana operates solar and wind power plants worth $2.3 billion.
As reported by msn.com, with these strategic acquisitions, ONGC continues to strengthen its position in India’s clean energy transition.
