ONGC ventures into renewable power sector with formidable 1 GW acquisition plan

State-run ONGC goals to accumulate greater than 1 GW of renewable power (RE) initiatives because the oil & fuel exploration and manufacturing (E&P) main goals to enter the clear power providers market. 

“If 1 gigawatts (GW) involves us this 12 months, it will likely be the inorganic method. This 12 months, our intention is to have greater than 1 GW the inorganic method,” ONGC Chairman & CEO A Ok Singh mentioned. 

Singh didn’t specify whether or not these RE property to be acquired shall be photo voltaic or wind energy. 

He added that the Maharatna firm has already floated a young for 1 GW of REpower, which shall be for the E&P firm’s inner consumption.

The PSU has already created a subsidiary, ONGC Inexperienced (OGL), from which the acquired property shall be parked.

OGL will give attention to Maharatna’s inexperienced power foray—renewable power (photo voltaic, wind, hybrid, hydel, tidal, and geothermal, and so on.), the biofuels/biogas enterprise, inexperienced hydrogen and its derivatives like inexperienced ammonia, inexperienced methanol, storage, carbon seize utilisation and storage, and the LNG enterprise.