ONGC unit acquires PTC Energy for INR 925 crores

The latter has over 200 MW of wind capacity.

India's Oil and Natural Gas Corporation (ONGC) has announced that its subsidiary has acquired a 100% stake in renewables company PTC Energy Limited (PEL).

In a bourse filing, ONGC said the takeover by ONGC Green Limited (OGL) was worth INR 925 crores.

PEL has an aggregate operational wind generation capacity of 288.80 megawatts across seven locations in Andhra Pradesh, Madhya Pradesh, and Karnataka. It operates 157 wind turbine generators  across all its wind farms.

“ONGC will scale up its investments in the renewable energy sector to achieve its objectives of de-risking its portfolio against long-term disruptions and reducing its carbon footprint by making strategic investments in the energy transition space,” the filing read.

“OGL has been taking various initiatives to achieve 10 GW renewable energy portfolio for ONGC by 2030 and net zero target (Scope 1 and Scope 2) by 2038,” it added.

The acquisition was completed on 4 March.