ONGC mulls setting up 1 GW solar power plant in Rajasthan

31 Oct 2022 , 11:33 AM

According to an executive familiar with the company's plans, Oil and Natural Gas Corporation (ONGC) plans to build a 1 GW solar power plant in Rajasthan as a key step toward establishing a foothold in the green energy space.

The company has approached the state government about 5,000 acres of land for its proposed 1 GW plant, highlighted the sources.

The project is expected to cost Rs5,000 crore and will take about three years to complete after the land is allocated.

The proposed plant will help meet the company's internal electricity demand while also allowing it to supply power in the market.

ONGC barely has a presence in the renewable energy space today, with only 153 MW of wind and 31 MW of solar generation capacity. However, it has now begun to act on its green goals by focusing on specific projects and partnering with power companies.

ONGC is considering an offshore wind farm project with Equinor of Norway. It has reached a preliminary agreement with NTPC, the country's largest generator, to establish renewable energy projects.

It has also partnered with Greenko, one of India's largest renewable energy companies, to launch a green hydrogen project.

There has been no confirmation from company's end on the above stated news so far.

At around 11.28 AM, ONGC was trading at Rs134.75 up by 0.79% from its previous closing of Rs133.70 on the BSE. The scrip opened at Rs133.90 and touched intraday high and low of Rs135.20 and Rs132.75 respectively.

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