Oil and Natural Gas Corporation (ONGC), is planning to invest between ₹30,000 crore and ₹35,000 crore in the development of five GW capacity for solar and wind energy projects by 2030, as disclosed by Harsh Nupur Joshi, the Group General Manager and Head of New Energy. The company has set a target of achieving a total of ten GW in renewable energy capacity by 2030.
ONGC is exploring various avenues, including pumped storage with a two GW capacity by 2030, offshore wind with one GW capacity by 2035, and approximately five GW from solar and onshore wind projects by 2030.
As of March 31, 2023, ONGC’s existing renewable energy capacity stands at 189.52 MW, comprising 36.52 MW from solar energy and 153 MW from wind energy. The company intends to diversify its investments across different technological areas. However, the majority of the focus within its renewable energy portfolio will be on solar and solar-wind hybrid projects in the coming years.
As reported by ETEnergyworld.com, the overall investment required to achieve the ten GW renewable energy capacity target by 2030 is estimated to be ₹1 lakh crore. ONGC is actively formulating a comprehensive strategy to combat climate change by transitioning to renewable energy sources. Additionally, the company is developing a roadmap to achieve a net-zero status for Scope-1 and Scope-2 emissions by the year 2038.
