ONGC's Ambitious Move into Renewable Energy Sector
Key Ideas
  • ONGC aims to acquire over one gigawatt of renewable energy projects through inorganic means to boost its presence in the clean energy sector.
  • The company has issued a tender for one GW of renewable power for internal consumption and has set up a new subsidiary, ONGC Green (OGL), to oversee these assets.
  • OGL will manage a diverse portfolio of renewable energy initiatives, including solar, wind, hydropower, and green hydrogen, as well as ventures into biofuels, energy storage, and more.
  • This strategic move also involves exploring green technologies like green ammonia, green methanol, and carbon capture, signaling ONGC's commitment to sustainability and innovation.
ONGC, India's state-owned oil and gas giant, is making a significant push into the renewable energy sector by targeting the acquisition of more than one gigawatt of renewable energy projects. With a focus on inorganic growth, ONGC aims to surpass the one GW mark this year through acquisitions. The company has already initiated the process by issuing a tender for one GW of renewable power, intended for internal consumption. To streamline its renewable energy efforts, ONGC has launched a new subsidiary named ONGC Green (OGL) to oversee and manage these assets. OGL's responsibilities extend to a wide range of renewable energy sources, including solar, wind, hydropower, and even emerging technologies like green hydrogen. Additionally, ONGC's foray into green technologies includes ventures into biofuels, biogas, energy storage, and carbon capture, highlighting the company's commitment to sustainability and diversification. By venturing into green hydrogen, green ammonia, green methanol, and other innovative solutions, ONGC is positioning itself as a key player in the shift towards cleaner and more sustainable energy practices.
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