Page 21 - Plastics News May 2021

FeAtures

capabilities to succeed as a solar developer in the short will continue its investments in onshore wind to target 2
to medium term, and look to grow rapidly as a developer GW capacity in 2030 Onshore wind is a relatively more
to target around 1.5 GW solar energy capacity by 2030. mature technology in India among renewable sources.
The Government has up-scaled the target of renewable India added around 1,500 MW wind energy capacity each
energy capacity to 175 GW by the year 2022. The incentive year from 2006 to 2011, with total installed capacity of
for Roof top solar Projects of ONGC in Uttrakhand, Assam over 13 GW by 2011. Through Energy Strategy 2040, ONGC
and Tripura will be 60% of benchmark cost or cost arrived has set a target to double its Oil and Gas production from
through competitive bidding. Similarly, Roof Top Projects its domestic, as well as overseas fields by the year 2040.
in Gujarat will be getting an incentive to the tune of 25% ONGC also plans to expand its refining capacity three-fold
of benchmark/awarded cost. The Roof Top Solar Project, alongside diversification into renewables.
which is being implemented at various locations of ONGC
in Gujarat at Ankleshwar, Mehsana, Ahmedabad, Vadodara, The strategy document outlines Vision 2040 for ONGC,
Dahej will not only feed green energy to the installations which could help the group to achieve the following:
and buildings of ONGC, but also help ONGC in reducing • 3 times revenue distributed across E&P, Refining &
energy bills. Marketing and other business.
Wind Energy • 4 times current PAT with 10% contribution from non-

ONGC being a responsible corporate citizen is implementing Oil & Gas business.
various green initiatives with a view to reduce the carbon • 5~6 times current market capitalization
foot print. ONGC has created a dedicated Renewable
Energy Cell (REC) under Chief Technical Services which While ONGC remains strongly invested in Oil & Gas, the
energy major also looks beyond hydrocarbons; be it
acts as the knowledge centre on all renewable energy renewables or new frontiers, such as Artificial Intelligence
projects. To further up the cause of wind energy in
India ONGC is pursuing various green energy options. ONGC and Alternate Energy.

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21 May 2021 Plastics News