ONGC Unit Eyes 10 GW Green Energy Capacity In Six Years
As of financial year 2024, ONGC Green's total portfolio stood at 193 megawatts.
Oil and Natural Gas Corp. plans to grow its green energy portfolio via its wholly owned subsidiary ONGC Green Ltd. to 10 gigawatts by fiscal 2030, it said on Aug. 30.
The company incorporated ONGC Green, on Feb. 27 with an authorised capital of Rs 100 crore and subscribed and paid up capital of Rs 1 crore. The subsidiary was incorporated in order to engage into energy business value chains. This includes various forms of renewable energy, like solar, wind, hybrid, geothermal, as well as businesses like bio-gas, green hydrogen, energy storage and more.
Future Road Map
ONGC targets to grow ONGC Green's total portfolio to 1 gigawatt by the end of current fiscal, it said. This will be done via acquisitions of renewable assets, and the capital expenditure set aside for the same is Rs 1,000 crore.
By fiscal 2030, ONGC Green's total green energy portfolio will stand at 10 gigawatts, as per the company. The capex set aside to achieve this is Rs 1 lakh crore. This portfolio will include:
60-70% of the portfolio to be engaged in the solar segment, balance in offshore wind. This growth will be done via organic and inorganic routes.
25 compressed bio-gas plants.
2 GW in pumped hydro storage projects.
Green NH2 production capacity of 1 million metric tonne per annum.
As of financial year 2024, ONGC Green's total portfolio stood at 193 megawatts. This includes 153 MW in the solar segment and 40 MW in the wind segment.
The company was also carrying out a feasibility study for a small scale green hydrogen plant for captive uses.
