ONGC, India’s largest crude oil and natural gas company, aims to reach 10 GW of renewable energy capacity by 2030 with a capital expenditure of $12.18 billion. It had 348 MW of installed renewables capacity as of May 30, 2022, and is targeting 5 GW by 2025.

The company said it sees favorable government policies and viability gap funding for offshore wind as key enablers of the energy transition. It has already signed a memorandum of understanding with the government of the Indian state of Rajasthan to set up 5 GW of renewable energy projects. To achieve its goal, ONGC has partnered with Norway’s Equinor and Indian developer Greenko.

Under the agreement with Equinor, the two sides will collaborate on renewables, low-carbon fuel, carbon capture storage (CCS), and carbon capture utilization and sequestration (CCUS) opportunities in India. ONGC and Greenko, meanwhile, plan to jointly explore opportunities in renewables, green hydrogen, and its derivatives, including green ammonia.