ONGC's Rs 35,000 Crore Investment Powers Up a Greener India

ONGC (Oil and Natural Gas Corporation) is spending over Rs 35,000 crore in solar and wind energy projects to reach 10 GW by 2030. In its first phase, the company expects to invest Rs 30,000 crore to Rs 35,000 crore in 5 GW solar and wind energy projects by the end of the decade. According to ONGC's Energy Strategy 2040, this investment signals a move from oil and gas to more sustainable and diverse energy sources.

The expenditure will be phased over 2030, 2035, and 2038 to achieve net-zero Scope-1 and Scope-2 emissions. The project targets 5 GW of solar and onshore wind energy in the first phase. ONGC's comprehensive renewable energy growth includes 2 GW pumped storage by 2030 for energy storage and system stability and 1 GW offshore wind capacity by 2035.

ONGC is considering project sites in Gujarat, Rajasthan, Andhra Pradesh, Tamil Nadu, and Telangana. They are also exploring Renewable Energy Zones (REZs) throughout India for these ambitious projects. Land acquisition, high initial investment costs, and grid integration of large-scale renewable energy are major obstacles.

This proactive initiative by ONGC is a vital step toward becoming a renewable energy leader. The investment supports India's clean energy targets and promises expanded energy generating capacity, decreased fossil fuel use, and renewable energy employment development. However, grid stability and renewable energy variability remain critical obstacles that demand strategic solutions for success.

News By Rahul Yelligetti