Oil and Natural Gas Corporation bought PTC Energy for $106.02 million (9.25 billion rupees) to further the country's shift toward producing green energy.
ONGC is an Indian oil explorer, and PTC is an Indian clean energy company. ONGC acquired PTC to expand its green energy portfolio and expand on PTC's previous goals, Reuters reported.
PTC has seven wind generation locations that produce 288 megawatts of power. India aims to generate 500 gigawatts of non-dirty fuel electricity by 2030. But the country is falling short of its goals. It aimed to reach 175 GW by 2022 but did not reach this milestone.
This is where the acquisition of PTC comes in. Combining PTC's green energy operations with ONGC's extensive resources could substantially boost renewable energy generation in India.
According to ESG News, ONGC aims to add 10 GW of renewable energy to its portfolio by 2030. For reference, one GW is enough energy to power roughly 750,000 homes, according to CNET.
This isn't ONGC's only move toward greener energy. In tandem with NTPC Green Energy, ONGC also acquired Ayana Renewable Power in February. ARP is a wind and solar energy farm valued at around $2.3 billion.
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ONGC's commitment to providing energy that doesn't require dirty fuels is a positive shift for people and the planet. It supports India's focus on providing its people with reliable energy.
Replacing dirty fuel-powered energy with wind, solar, and hydro power can keep energy costs down for consumers. It also helps cool the planet by reducing pollution created by burning oil, coal, and gas.
ESG News highlighted the importance of this event. It stated, "As the country races to meet its green energy goals, acquisitions like these are crucial steps forward."
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