ONGC Aims To Foray Into Solar Energy Space

ONGC is looking to foray into solar energy space
ONGC is looking to foray into solar energy space

Aiming to penetrate the renewable energy space, mainly solar energy, Oil and Natural Gas Corporation (ONGC) on Thursday inked a pact with Solar Energy Corporation of India (SECI) to scale up its clean energy projects.

The pact signed by ONGC chief Subhash Kumar and SECI managing director Suman Sharma, provides a broad framework for both the entities to collaborate and cooperate for undertaking renewable energy projects including solar, wind, solar parks, electric vehicles value chain and other focus areas, a statement issued by the Maharatna company said.

The partnership will enable ONGC to strengthen its footprint in renewables, especially solar.

"ONGC has a multipronged strategy to make its green energy portfolio richer and has plans to progressively move towards carbon neutrality by effective carbon management and adding renewable energy capacity," Mr Kumar said.

The SECI chief said that the pact will open new avenues of sustainable development and promises to take India to new frontiers of technology and scale.

ONGC has been pursuing green energy agenda through various alternatives and renewable sources of energy.

It has set a target of producing a minimum of 10 GW of renewable power by 2040 while continuing its focus on the core exploration and production (E&P) business.

SECI, a PSU under the ministry of new and renewable energy is engaged in the promotion and development of various renewable energy resources, especially solar and wind energy and renewable energy-based storage systems.