The oil and gas business generates sufficient cash flow to support these new ventures, with additional funding expected through debt financing. Credit: UNIKYLUCKK / Shutterstock.

India’s Oil and Natural Gas Corporation (ONGC) is planning to increase its investment in renewable energy projects by 100 times, aiming for an $11.5bn investment by 2030.

The plan involves expanding its global portfolio to 10GW, up from the current fiscal year’s Rs10bn ($137m) investment, reported The Economic Times.

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This move is part of the company’s strategy to reduce its carbon footprint significantly.

While some international oil and gas majors are reducing their investments in renewable energy, ONGC is intensifying its efforts in this domain.

The company’s existing solar and wind capacity stands at 193MW, and it aims to further diversify into compressed biogas plants, hydro projects, and green ammonia production, including a substantial green hydrogen capacity.

ONGC director of finance Vivek Chandrakant Tongaonkar was quoted by The Economic Times as saying: “We are getting into green energy because we do believe India requires a lot more energy in addition to fossil fuels.

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“For us, it is a logical case to move into newer sources of energy.”

ONGC has already initiated a tender for constructing 1GW of solar and wind power facilities, according to the company’s spokesperson.

The company is also actively seeking acquisitions of new energy plants to expedite its growth in renewable capacity.

In a strategic move towards clean energy, ONGC entered a joint venture (JV) with National Thermal Power Corporation (NTPC) in November 2024.

The JV will merge the green energy subsidiaries of both companies—NTPC Green Energy (NGEL) and ONGC Green Energy (OGL)—on an equal partnership basis.

The collaboration between ONGC and NTPC extends to the acquisition of Ayana Renewable Power, which operates solar and wind plants valued at $2.3bn, including debt.

This JV successfully outbid JSW Energy for Ayana, as reported by Reuters in November, citing sources familiar with the matter.