• ONGC Green acquires PTC Energy for $106M, adding 288 MW of wind capacity.
• India’s clean energy push: The country targets 500 GW of non-fossil fuel power by 2030.
• Scaling renewables: ONGC aims for a 10 GW renewable energy portfolio by 2030.

What’s happening:

Indian oil giant ONGC’s renewable unit, ONGC Green, has acquired clean energy firm PTC Energy for 9.25 billion rupees ($106M). The deal adds 288 MW of operational wind power across three Indian states to ONGC’s growing green energy portfolio.

Why it matters:

India has set an ambitious target of 500 GW in non-fossil fuel energy by 2030. However, the country missed its earlier goal of adding 175 GW by 2022. ONGC’s strategic acquisitions help bridge this gap.

RELATED ARTICLE: ONGC NTPC Green Acquires Ayana Renewable Power in $2.3 Billion Deal to Expand Clean Energy Portfolio

Bigger picture:

ONGC is aggressively expanding its renewable energy footprint. In February, it teamed up with NTPC Green Energy to acquire Ayana Renewable Power, a solar and wind energy firm valued at $2.3B.

The bottom line:

This latest move reinforces ONGC’s commitment to clean energy and strengthens India’s renewable infrastructure. As the country races to meet its green energy goals, acquisitions like these are crucial steps forward.

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