India has set a target to increase its renewable capacity to 450 GW by 2030
The country’s largest explorer, Oil and Natural Gas Corp., is considering acquisitions to have 10 gigawatts (GW) of renewable energy capacity by 2040, Chairman Subhash Kumar said.
“Renewables seem to be doing a lot of business as of today and we are looking at the possibility of inorganic investments in renewable energy,” Kumar told an analyst conference following the June quarterly results.
India has set a target to increase its renewable capacity to 450 GW from the current 100 GW by 2030 to reduce reliance on thermal power generation and reduce pollution.
ONGC has signed a Memorandum of Understanding with the country’s largest utility company, NTPC Ltd, to study the development of offshore wind and other renewable energy projects in India and abroad.
Kumar said his company is looking for foreign partners to explore new areas, including the deep-water oil and gas block on the east coast, to quickly monetize the reserves.
