ONGC Green Ltd., the renewable energy arm of Oil & Natural Gas Corp., plans to accelerate its capacity development through inorganic means in the next financial year, aligning with its 2030 target of achieving a capacity of 10 gigawatts
Recognising the importance of organic growth, the company also intends to float tenders for 1,200 MW solar and battery energy storage projects in April to bolster its renewable energy portfolio.
Considering the ongoing acquisitions of PTC Energy and Ayana Renewable Energy, the company will have an operational and under-construction capacity of 2.5 GW of wind and solar assets by the end of the current fiscal and will have additional capacity through inorganic route in the next fiscal.
"We are looking at mergers and acquisitions route in FY26 to add 1 GW capacity to stay on track with our stated objectives," Chief Financial Officer Gautam Saha told NDTV Profit.
Total investments for acquisition of 1 GW capacity, including debt and equity, will be close to Rs 7,000 crore, according to Saha.
Recognising the importance of organic growth, the company also intends to float tenders for 1,200 MW solar and battery energy storage projects in April to bolster its renewable energy portfolio.
Considering the ongoing acquisitions of PTC Energy and Ayana Renewable Energy, the company will have an operational and under-construction capacity of 2.5 GW of wind and solar assets by the end of the current fiscal and will have additional capacity through inorganic route in the next fiscal.
"We are looking at mergers and acquisitions route in FY26 to add 1 GW capacity to stay on track with our stated objectives," Chief Financial Officer Gautam Saha told NDTV Profit.
Total investments for acquisition of 1 GW capacity, including debt and equity, will be close to Rs 7,000 crore, according to Saha.
Through the inorganic route, the company will be looking at platforms like Ayana Renewable that it acquired under the 50:50 joint venture with NTPC Green Ltd. The objective is to have large 500–1,000 MW assets with manpower.
When the company acquired PTC Energy earlier in March this year, it only got assets that were managed by a third-party contractor. To build up capability in a shorter period, the company is eyeing acquisition of platforms that will give it capacity as well as experienced manpower, Saha said. "We need manpower that can be used for other projects as well."
Initially, the company aims to be in the solar, wind and storage space but will later diversify into other segments as well, like hydrogen, ammonia and pumped hydro storage, Saha said.
Organic Growth
ONGC Green, as a ONGC Group company, aims to achieve the 10 GW target well before the 2030 deadline. ONGC has already floated a 1 GW solar and wind power tender for its captive requirement, which is under evaluation.
ONGC Green is further planning to invite tenders for 1.2 GW solar and battery energy storage systems. "The upcoming tenders with pre-development activities will be floated in a couple of months," Saha said.
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