ONGC ventures into renewable energy sector with 1 GW acquisition plan
State-run ONGC focuses on acquiring more than 1 GW of renewable energy (RE) projects as the oil & gas exploration and production (E&P) major aims to enter the clean energy services market.
“If 1 gigawatt (GW) comes to us this year, it will be the inorganic way. This year, our intention is to have more than 1 GW the inorganic way,” ONGC Chairman & CEO A K Singh said.
Additionally, the Maharatna company has already floated a tender for 1 GW of REpower, which will be for the E&P company’s internal consumption.https://www.psuconnect.in/company/oil-and-natural-gas-corporation-ltd-59
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The PSU has already created a subsidiary, ONGC Green (OGL), from which the acquired assets will be parked.
OGL will focus on Maharatna’s green energy foray—renewable energy (solar, wind, hybrid, hydel, tidal, and geothermal, etc.), the biofuels/biogas business, green hydrogen and its derivatives like green ammonia, green methanol, storage, carbon capture utilization and storage, and the LNG business.
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