ONGC Subsidiary Acquires Clean Energy Company PTC Energy for $106 Million

Key Takeaways

Oil and Natural Gas Corp (ONGC) has acquired PTC Energy for 9.25 billion Indian rupees ($106.02 million).
PTC Energy contributes 288 megawatts of operational wind energy across three Indian states.
ONGC aims for a 10 GW renewable energy portfolio by 2030 to support India’s clean energy goals.

Acquisition Expands Green Energy Investments

Oil and Natural Gas Corp (ONGC), a leading Indian oil explorer, announced on Tuesday its subsidiary has acquired clean energy firm PTC Energy for 9.25 billion Indian rupees ($106.02 million). This acquisition is part of ONGC’s strategy to significantly enhance its green energy portfolio as part of India’s broader commitment to renewable energy.

PTC Energy operates with a wind generation capacity of 288 megawatts, across seven locations in three Indian states. For the fiscal year 2024, the firm generated a revenue of 3.22 billion rupees, providing a solid foundation for continued growth under ONGC’s ownership.

India has set ambitious targets to establish 500 gigawatts (GW) of non-fossil fuel electricity generation capacity by 2030. However, the country is currently lagging behind its prior goal of adding 175 GW by 2022. In light of these challenges, ONGC’s efforts through its division, ONGC Green, are critical as it aims to develop a 10 GW renewable energy portfolio by the target year of 2030.

Earlier this year, ONGC, in partnership with NTPC Green Energy, acquired Ayana Renewable Power, which is valued at approximately $2.3 billion and operates both solar and wind plants. These strategic acquisitions reflect ONGC’s commitment to bolstering its presence in the renewable energy sector, thereby aligning with national energy objectives and contributing to sustainable economic growth.

As India transitions towards cleaner energy sources, ONGC’s investments in renewables position the company as a key player in the evolving energy landscape. The acquisition of PTC Energy not only enhances its operational capabilities but also aligns with the country’s urgent need for sustainable energy solutions to combat climate change. This move is expected to accelerate ONGC’s growth in the renewable sector and drive advancements toward achieving national energy targets.

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