ONGC to invest Rs 350 billion for 5 GW solar and wind energy capacity by 2030

Reportedly, Oil and Natural Gas Corporation Limited (ONGC) has revealed plans to invest around Rs 300-350 billion to achieve a 5 GW capacity for solar and wind energy projects by the year 2030.
The company aims to reach a total of 10 GW in renewable energy capacity by 2030, exploring options such as pumped storage (2 GW by 2030), offshore wind (1 GW by 2035), and additional solar and onshore wind capacity (about 5 GW by 2030). The investment will be phased, aligning with targets for 2030, 2035, and 2038 as ONGC works towards achieving net-zero scope-1 and scope-2 emissions. As of March 31, 2023, ONGC’s existing renewable energy capacity stands at 189.52 MW, with a focus on solar and solar-wind hybrid technologies in the coming years.