ONGC signs MoU with SECI to achieve its green energy goals

The Oil and Natural Gas Corporation Limited (ONGC) and the Solar Energy Corporation of India (SECI) have signed a MoU to achieve its green energy goals.  The MoU provides a comprehensive, overarching framework for ONGC and SECI to interact and cooperate on renewable energy projects such as solar, wind, solar parks, electric vehicle value chain, green hydrogen, storage, and other renewable energy projects. The partnership will allow ONGC to strengthen its renewable energy footprint, particularly in solar.

ONGC, India’s largest oil and gas firm, has been working on a green energy agenda using a variety of alternative and renewable energy sources. It has established a goal of producing at least 10 GW of renewable energy by 2040 while maintaining its core E&P operation. SECI, a PSU under the Ministry of New and Renewable Energy, promotes and develops renewable energy resources, including solar and wind energy, RE-based storage systems, power trading, R&D, and RE-based goods such as green hydrogen, green ammonia, and RE-powered electric vehicles. SECI is also the designated implementing agency for many of the government’s renewable energy schemes, including VGF schemes, solar park schemes, ISTS solar and wind projects, CPSU schemes, etc.

In November 2021, Azure Power signed power purchase agreements (PPAs) with SECI for 600 MW ISTS connected solar power capacity as a part of its 4 GW manufacturing linked projects, which would deliver power for 25 years at a fixed cost of Rs 2.54 per kWh. The projects will be built in Rajasthan, for which connectivity approval has been granted and land has been located and is being acquired.

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