India’s largest oil company targets 10 GW of renewables by 2030
State-owned Oil and Natural Gas Corp. (ONGC) said it plans to invest INR 1,000 billion ($12.1 billion) to build 10 GW of renewable energy capacity by 2030.
April 18, 2023 Uma Gupta
Utility Scale PV
India
ONGC’s Hazira plant
Image: ONGC
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From pv magazine India
ONGC, India’s largest crude oil and natural gas company, aims to reach 10 GW of renewable energy capacity by 2030 with a capital expenditure of $12.18 billion. It had 348 MW of installed renewables capacity as of May 30, 2022, and is targeting 5 GW by 2025.
The company said it sees favorable government policies and viability gap funding for offshore wind as key enablers of the energy transition. It has already signed a memorandum of understanding with the government of the Indian state of Rajasthan to set up 5 GW of renewable energy projects. To achieve its goal, ONGC has partnered wih Norway’s Equinor and Indian developer Greenko.
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Under the agreement with Equinor, the two sides will collaborate on renewables, low-carbon fuel, carbon capture storage (CCS), and carbon capture utilization and sequestration (CCUS) opportunities in India. ONGC and Greenko, meanwhile, plan to jointly explore opportunities in renewables, green hydrogen, and its derivatives, including green ammonia.
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