ONGC targets 10 GW renewables by 2030
State-run explorer Oil and Natural Gas Corp. Ltd (ONGC) said it plans to invest INR 1,000 billion into building 10 GW of renewable energy capacity by 2030.
April 18, 2023 Uma Gupta
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Utility Scale PV
India
ONGC’s Hazira plant
Image: ONGC
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Oil and Natural Gas Corp. Ltd (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 INR 1,000 billion ($12.18 billion). It had an installed RE capacity of 348 MW as of May 30, 2022, and targets 5 GW by 2025.
The state-run company sees favorable government policies and viability gap funding for offshore wind as key enablers for the energy transition. It has already signed a memorandum of understanding (MoU) with the Rajasthan government to set up renewable energy projects of 5 GW in the state and is scouting for opportunities for nother 5 GW RE capacity.
Toward achieving its goal, ONGC has partnered with Norway’s Equinor and Indian developer Greenko.
As per the agreement signed with Equinor, ONGC, and Equinor will collaborate in exploring renewables, low-carbon fuel, carbon capture storage (CCS) as well as carbon capture utilization and sequestration (CCUS) opportunities in India.
ONGC has teamed up with renewable energy major Greenko to tap opportunities in renewables, green hydrogen, and its derivatives including green ammonia.