In Short : ONGC has made a significant move into the renewable energy sector with a bold strategy to acquire 1 GW of renewable energy assets. This marks a major shift in the company’s portfolio, aiming to diversify its energy sources and capitalize on the growing demand for clean energy. The acquisition is expected to boost ONGC’s sustainability efforts and market presence.
In Detail : State-run Oil and Natural Gas Corporation (ONGC) is set to expand into the renewable energy sector with plans to acquire over 1 GW of renewable energy (RE) projects as part of its entry into the clean energy market.
ONGC Chairman and CEO A K Singh stated, “If 1 gigawatt (GW) comes to us this year, it will be through inorganic means. Our intention this year is to acquire more than 1 GW through such methods.”
Singh did not specify whether the renewable energy assets would be solar or wind power projects. However, he mentioned that ONGC has already issued a tender for 1 GW of RE power, intended for the company’s internal use.
The company has established a subsidiary, ONGC Green (OGL), where these acquired assets will be managed. OGL will drive ONGC’s renewable energy initiatives, including solar, wind, hybrid, hydropower, tidal, geothermal, biofuels, green hydrogen, and LNG projects, as well as carbon capture, utilization, and storage.
