ONGC Green Energy Gets ₹3,300 Cr Boost for 4.1 GW Renewable Push – EQ
In Short : State-run ONGC has infused ₹3,300 crore into its green energy arm to acquire 4.1GW of renewable projects, accelerating its transition from fossil fuels. The investment supports India’s 500GW clean energy target and ONGC’s own 10GW green capacity goal by 2030. The move includes solar/wind acquisitions and potential participation in upcoming SECI auctions.
In Detail : State-run Oil and Natural Gas Corporation (ONGC) has made a significant move towards clean energy transition by injecting ₹3,300 crore into its renewable energy subsidiary, ONGC Green Limited. This capital infusion marks a strategic shift for India’s largest oil and gas producer as it diversifies into green energy solutions to align with the nation’s climate commitments.
The fresh funding will primarily facilitate acquisition of operational and under-construction renewable energy projects totaling 4.1 gigawatts capacity. This includes a mix of solar and wind power assets across India, significantly boosting ONGC’s current renewable portfolio which stands below 1GW. The move comes as part of the company’s ambitious ₹1 lakh crore decarbonization plan.
Industry analysts view this as a crucial step in ONGC’s transformation from a fossil fuel giant to an integrated energy company. The investment will help the Maharatna PSU meet its target of 10GW renewable energy capacity by 2030, while contributing to India’s broader goal of achieving 500GW clean energy capacity within the same timeframe.
The capital will be deployed through a combination of outright acquisitions and participation in government auctions. ONGC Green is particularly eyeing opportunities in the Solar Energy Corporation of India (SECI) bids and considering strategic purchases of stressed assets in the renewable sector to accelerate its expansion plans.
This transition comes amid increasing global pressure on oil majors to reduce carbon footprint. ONGC’s investment reflects the growing importance of renewable energy in India’s energy security strategy, while ensuring the company maintains its leadership position in the evolving energy landscape.
The move is expected to create ripple effects across India’s energy sector, potentially prompting similar strategic shifts by other public sector oil companies. As ONGC begins its green energy journey in earnest, market watchers anticipate more such announcements in the coming months as the company works to balance its traditional hydrocarbon business with emerging renewable opportunities.
