ONGC plans Rs 3500 crore green energy capacity push
Oil and Natural Gas Corporation
(ONGC) plans to spend up to ₹3,500 crore in this financial year on adding green energy generation capacity as it pursues its goal of 10 GW by 2030, said its finance chief.
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A large share of the green budget this year will go into setting up 1 GW of renewable projects, with the capacity split equally between solar and wind, Vivek Chandrakant Tongaonkar, director (finance), ONGC, told ET. The company is also looking for acquisitions, he said.
"We have a target of 10 GW by 2030, which we think we should be in a position to comfortably reach," Tongaonkar said. ONGC NTPC Green Pvt Ltd (ONGPL), an equal joint venture between ONGC Green and NTPC Green, acquired full ownership of renewable energy platform Ayana Renewable Power for ₹6,248 crore last month. Ayana Renewable Power has a portfolio of 2.1 GW of operational and 2 GW of under-construction assets.
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Last month, ONGC Green also completed the acquisition of PTC Energy for ₹925 crore. PTC Energy has a wind generation capacity of 288 MW. ONGC aims to spend another ₹35,000 crore on its core exploration and production (E&P) business in this fiscal, Tongaonkar said. The annual capital expenditure on E&P is likely to rise over the next few years if large discoveries are made and developed, he said, adding that the annual capex could rise to as much as ₹45,000 crore in 2028-29. With an aim to boost oil and gas production, ONGC has won several exploration blocks in the bidding rounds in recent years.
"We are conscious of the fact that we need to make more capex in future," he said, adding that the company continues to manage its cash flows in a way that it is able to meet its current and future spending requirements while rewarding its shareholders.
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