Oil and Natural Gas Corp (ONGC) is expanding its presence in the renewable energy sector by acquiring PTC Energy for Rs 9.25 billion ($106.02 million) through its subsidiary. This move is part of ONGC’s strategy to shift beyond traditional oil and gas and invest more in clean energy solutions.
PTC Energy operates wind power projects with a total capacity of 288 megawatts across three Indian states. In the 2024 financial year, the company earned Rs 3.22 billion in revenue. By acquiring PTC Energy, ONGC aims to strengthen its green energy portfolio and contribute to India’s growing demand for renewable power.
India has set an ambitious goal of generating 500 gigawatts (GW) of non-fossil fuel electricity by 2030. However, the country has faced challenges in meeting past renewable energy targets, including its previous aim to add 175 GW by 2022. To support India’s clean energy transition, ONGC has been actively investing in green projects.
ONGC’s renewable energy division, ONGC Green, is working toward building a 10 GW clean energy portfolio by 2030. In addition to the PTC Energy acquisition, ONGC and its joint venture, NTPC Green Energy, recently purchased Ayana Renewable Power, a company that owns solar and wind energy assets worth $2.3 billion.
