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August 16, 2021

ONGC aims for 10GW of renewable capacity by 2040

ONGC is also looking to introduce foreign investors to explore new areas such as deep-water oil and gas blocks.

By Umesh Ellichipuram

Indian multinational crude oil and gas company Oil and Natural Gas Corporation (ONGC) has revealed plans to reach 10GW of renewable energy capacity by 2040 through acquisitions.

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ONGC chairman Subhash Kumar announced the target during an analysts’ conference after the company released its earnings for the three months to 30 June.

Kumar said: “Renewable [energy] seems to be making lots of business today and we are looking at the possibility of inorganic investment in renewables.”

Reuters reported that ONGC is also seeking to introduce foreign investors for exploring new areas, including deep-water oil and gas blocks on the east coast.

Last May, Indian energy conglomerate NTPC signed a memorandum of understanding (MoU) with ONGC to form a joint venture company for the renewable energy business.

The two companies intend to expedite their footprint in the renewable energy business in the country.

Under the terms of the MoU, NTPC and ONGC have agreed to explore and establish offshore wind and other renewable energy projects in both domestic and overseas markets.

India aims to increase its renewable energy capacity from 100GW to 450GW by 2030 and reduce its reliance on thermal power production.

In a separate development, Tata Power subsidiary Tata Power Renewable Energy Limited (TPREL) has announced the commissioning of a 100MW solar power project at Raghanesda Solar Park in the state of Gujarat.

The project was awarded by Gujarat Urja Vikas Nigam Limited (GUVNL).

Tata Power managing director and CEO Dr Praveer Sinha said: “We are proud to announce that TPREL has commissioned the 100MW project at one of the biggest solar parks in the country in Gujarat.

“We are steadfast in our conviction towards promoting the realisation of clean and green energy in the country through solar power generation.”

In its first year of operations, the plant is expected to produce 255 million energy units and reduce 200,000t of carbon emissions.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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