State-owned Oil and Natural Gas Corp. (ONGC) announced plans to invest INR 1,000 billion ($12.1 billion) to build 10 GW of renewable energy capacity by 2030.
ONGC, India’s largest crude oil and natural gas company, aims to achieve 10 GW of renewable energy capacity by 2030 with an investment of $12.18 billion. It had 348 MW of installed renewable energy capacity as of 30 May 2022, with a target of 5 GW by 2025.
The company said it sees favorable government policies and offshore wind profitability gap financing as key factors in the energy transition. It has already signed a memorandum of understanding with the Indian state government of Rajasthan to launch 5 GW of renewable energy projects. To achieve its goal, ONGC has partnered with Norway’s Equinor and Indian developer Greenko.
Under the agreement with Equinor, the parties will collaborate on renewable energy, low carbon fuel, carbon capture storage (CCS) and carbon capture and sequestration (CCUS) opportunities in India. ONGC and Greenko are also planning to jointly explore the potential of renewable energy sources, green hydrogen and its derivatives, including green ammonia.