Oil and Natural Gas Corporation (ONGC) has made a significant move in its renewable energy ambitions by completing the acquisition of PTC Energy Limited (PEL) for ₹925 crore through its wholly-owned subsidiary, ONGC Green Limited (OGL). The acquisition, executed via a cash transaction, will strengthen ONGC’s green energy footprint and aligns with its broader strategy of transitioning towards cleaner and sustainable energy sources.
ONGC Green Limited has acquired a 100% equity stake in PTC Energy from its parent company, PTC India Limited. The deal, valued at ₹925 crore, is subject to post-closing adjustments and includes a portfolio of wind power assets totaling 288.8 MW spread across seven locations in three Indian states—Andhra Pradesh, Madhya Pradesh, and Karnataka. The portfolio consists of 157 wind turbine generators, making it a key strategic addition to ONGC’s renewable energy initiatives.
The acquisition is part of ONGC’s long-term energy transition plan, which aims to significantly boost its renewable energy capacity. As part of its commitment to achieving net zero emissions (Scope 1 and Scope 2) by 2038, ONGC has set a target to build a 10 GW renewable energy portfolio by 2030. This latest acquisition brings ONGC closer to that milestone and enhances its presence in the non-fossil fuel sector.
The acquisition of PTC Energy aligns with ONGC’s strategy of de-risking its core oil and gas business by expanding into sustainable energy projects. Given the global shift towards renewable energy, the company is actively investing in clean power generation to future-proof its business. PTC Energy’s wind assets will provide ONGC with an immediate boost in its renewable energy portfolio while allowing it to explore further expansion in the sector.
To support its aggressive renewable energy plans, ONGC Green Limited has also been allotted 120 crore equity shares of ₹10 each through a rights issue, further strengthening its financial capacity for future investments in green energy. This funding will be crucial in developing additional solar and wind energy projects, as well as in potential partnerships for hybrid renewable energy solutions.
With increasing regulatory push towards sustainable energy and decarbonization, ONGC’s strategic diversification into renewable energy is expected to play a pivotal role in its future growth. The company has been actively exploring opportunities in solar, wind, and green hydrogen segments and has partnered with global players for clean energy initiatives.
ONGC’s push towards renewable energy comes at a time when India is aggressively working to meet its clean energy targets under the Paris Agreement. The government has set a target of achieving 500 GW of non-fossil fuel-based energy capacity by 2030, and ONGC’s initiatives will contribute significantly to this national goal.
