India’s largest crude oil and natural gas producer, ONGC (Oil and Natural Gas Corporation), is planning to invest a sum of ₹5000 crores to set up a solar power plant in Rajasthan. The Public sector Undertaking has approached the Rajasthan Government to seek a land space of 5000 acres for the project.
A company official states that construction of the plant will begin once the land gets allotted. Further, the project will take an estimated three years to complete. The solar power plant will not only help the organization meet its in-house electricity needs but, also generate additional cash flow through the sale of surplus power in the market.
The PSU doesn’t expect the domestic demand for oil and natural gas to go down any time soon. However, the company is now focusing on meeting its green energy goals in a bid to fight climate change. With this initiative, ONGC aims to establish a strong foothold in the renewable energy space.
Currently, the organization has a wind capacity of 153MW and a solar capacity of 31MW. Moreover, it has made major plans to expand these figures. The company has entered a preliminary agreement with NTPC, India’s leading power utility, to develop renewable energy projects across the nation. It is also planning to set up a Green Hydrogen project in partnership with Greenko, which is one of India’s leading renewable energy companies.
Investments in the country’s renewable energy sector, especially solar power are rising. Recently, another fossil-fuel-based energy-producing giant, Coal India Ltd, announced its plan to set up a 1180MW solar power plant in Bikaner, Rajasthan.
Moreover, with many eminent corporations choosing to invest in solar projects in Rajasthan, the state has become the top solar state in the country.
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Resource: Livemint
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