Oil and Natural Gas Corporation (ONGC) is planning to build a 1 GW solar power plant in Rajasthan in a move to secure a foothold in the green energy area.
The firm has approached the state authorities, searching for 5,000 acres of land to accommodate its proposed 1 GW plant. The project might require an funding of Rs 50 billion and could take about three years to complete after the allotment of land. The proposed plant will help meet in-house electrical energy demand, besides allowing the company to sell power on the market.
In July 2022, ONGC signed a Memorandum of Understanding (MoU) with Greenko ZeroC Private Limited to collectively work on determining opportunities in the space of renewables including green hydrogen, green ammonia, and other green hydrogen derivatives. The MoU will be applicable for two years. The initiatives proposed in this MoU will help India meet its objective of producing 5 million tonnes of green hydrogen annually by 2030.