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ONGC Objectives To Foray Into Solar Power Area

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ONGC is aiming to foray into solar power spaceAiming to penetrate the renewable energy space, primarily solar power, Oil and Gas Corporation (ONGC) on Thursday tattooed a pact with Solar Energy Corporation of India (SECI) to scale up its tidy energy projects.The pact signed by ONGC chief Subhash Kumar and SECI managing director Suman Sharma, supplies a broad framework for both the entities to team up and cooperate for undertaking renewable energy tasks consisting of solar, wind, solar parks, electrical vehicles value chain and other focus locations, a statement released by the Maharatna business said.The collaboration will make it possible for ONGC to enhance its footprint in renewables, specifically solar.

ONGC has a multipronged strategy to make its green energy portfolio richer and has strategies to progressively move towards carbon neutrality by efficient carbon management and adding renewable resource capacity, Mr Kumar said.The SECI chief stated that the pact will open brand-new opportunities of sustainable advancement and guarantees to take India to brand-new frontiers of innovation and scale.ONGC has actually been pursuing green energy agenda through different alternatives and renewable sources of energy.It has actually set a target of producing a minimum of 10 GW of sustainable power by 2040 while continuing its concentrate on the core expedition and production (E&P) business.SECI, a PSU under the ministry of new and renewable energy is engaged in the promo and development of different renewable energy resources, especially solar and wind energy and renewable energy-based storage systems.




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