ONGC Green Buys PTC Energy for INR 925 Crore

In a significant push toward clean energy expansion, ONGC Green Limited (OGL), a wholly-owned subsidiary of Oil and Natural Gas Corporation (ONGC), has successfully acquired PTC Energy Limited (PEL) for ₹925 crore. This strategic acquisition strengthens ONGC’s position in India’s renewable energy sector, aligning with the nation’s vision of reducing dependency on fossil fuels and increasing the share of sustainable energy sources.

With this deal, ONGC takes a major step in diversifying its portfolio beyond oil and gas, reinforcing its commitment to net-zero emissions and energy transition goals. The company has been actively exploring avenues to integrate green energy solutions into its operations, and the acquisition of PTC Energy marks a crucial milestone in this journey.

PTC Energy’s Wind Power Assets: A Key Addition to ONGC’s Green Portfolio

PTC Energy Limited, incorporated in 2008, has built a strong renewable energy portfolio, primarily focusing on wind power generation. The company operates a total installed wind power capacity of 288.80 megawatts (MW), distributed across seven locations in Andhra Pradesh, Madhya Pradesh, and Karnataka.

The wind power assets include 157 Wind Turbine Generators (WTGs), each contributing to clean electricity generation. These projects are already connected to the national grid, ensuring a steady flow of renewable energy supply to various consumers.

In the fiscal year 2024, PTC Energy reported a revenue of ₹322.49 crore, showcasing its stable financial and operational performance. This acquisition not only enhances ONGC Green’s clean energy capacity but also brings in a profitable business unit that aligns with ONGC’s long-term sustainability goals.

Why This Acquisition Matters for ONGC

The acquisition of PTC Energy is a strategic move by ONGC to reduce its carbon footprint and expand its renewable energy capabilities. The company has set ambitious targets to scale up its clean energy production, and integrating PTC Energy’s wind assets will accelerate its progress in the following ways:

1. Expanding ONGC’s Renewable Energy Footprint

ONGC has been making steady progress in its transition to cleaner energy sources. With this acquisition, the company significantly increases its installed renewable energy capacity, strengthening its foothold in the wind energy segment.

2. Supporting India’s Green Energy Goals

The Indian government aims to achieve 500 GW of non-fossil fuel capacity by 2030 and reach net-zero emissions by 2070. ONGC’s investment in PTC Energy contributes directly to these goals, reinforcing its role in India’s clean energy transformation.

3. Diversification and Risk Mitigation

With the volatility in global oil and gas markets, diversification into renewable energy is a smart financial strategy. Investing in wind and solar energy helps ONGC de-risk its portfolio while ensuring long-term sustainability and profitability.

4. Strengthening ONGC Green’s Market Position

The deal enhances ONGC Green Limited’s capabilities, allowing it to compete with other renewable energy giants in India. By integrating existing clean energy assets, ONGC Green strengthens its ability to develop, manage, and expand renewable projects in the future.

ONGC’s Larger Vision for Renewable Energy

ONGC has been aggressively working on expanding its renewable energy initiatives, with investments planned in solar, wind, and green hydrogen projects. The company is targeting 10 GW of renewable energy capacity by 2040, and the acquisition of PTC Energy is an essential step toward achieving this milestone.

The company has also been exploring partnerships with global energy firms to advance its clean energy capabilities. In addition to wind energy, ONGC has been focusing on offshore wind power projects, leveraging its expertise in offshore exploration to develop sustainable energy solutions.

What Lies Ahead?

With this acquisition, ONGC Green is well-positioned to become a major player in India’s renewable energy sector. The integration of PTC Energy’s wind assets will increase clean energy production, reduce carbon emissions, and support India’s journey toward a sustainable energy future.

Going forward, ONGC is expected to continue expanding its renewable energy portfolio, with a focus on solar, wind, biofuels, and green hydrogen projects. The company’s long-term strategy revolves around building a balanced energy mix that combines traditional hydrocarbons with modern, eco-friendly solutions.

As India accelerates its transition to renewable energy, ONGC Green’s investment in PTC Energy marks a critical step in shaping the future of sustainable power generation in the country.