ONGC unit acquires PTC Energy for Rs 9.25 billion to expand green energy portfolio
India has pledged to establish 500 gigawatts of electricity generation capacity from non-fossil fuels by 2030; however, it is currently falling behind its goal of adding 175 gigawatts by 2022.
ONGC unit acquires PTC Energy for Rs 9.25 billion to expand green energy portfolio
State-owned Oil and Natural Gas Corporation (ONGC) announced that its subsidiary has acquired clean energy firm PTC Energy for Rs 9.25 billion (approximately $106.02 million) to expand its renewable energy portfolio.
PTC Energy has an operational wind generation capacity of 288 megawatts, distributed across seven locations in three Indian states. The company reported a revenue of Rs 3.22 billion for the fiscal year 2024.
India has pledged to establish 500 gigawatts of electricity generation capacity from non-fossil fuels by 2030; however, it is currently falling behind its goal of adding 175 gigawatts by 2022.
Through its subsidiary ONGC Green, ONGC aims to achieve a renewable energy portfolio of 10 gigawatts by 2030. In February, ONGC and its joint venture NTPC Green Energy acquired Ayana Renewable Power, which operates solar and wind facilities valued at $2.3 billion.
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