ONGC is looking for partners to set up wind and solar power plants
Updated: May 27, 2014 01:43:04pm
New Delhi, May 27 (KNN) Oil and Natural Gas Corporation Limited is planning to set up wind and energy projects across the country for which it is looking for partners, either domestic or global players.
ONGC’S presence in the renewable space includes 51 MW wind farm operational in Gujarat since 2008 and another 102.9 MW, currently under implementation in Rajasthan. The corporation in its perspective plan has a target to achieve 1.5 GW installed capacity each in onshore wind and solar energy domains in India by year 2030, in a phased manner, official data said.
In this regard, it intends to undertake the proposed investment in wind and solar domains through a separate joint venture with a firm, having requisite credentials and experience, as a strategic partner for expeditious roll out of the planned capacity.
ONGC would prefer to have a single integrated firm as partner having renewable energy portfolios in both wind and solar domain. However, separate ventures each for wind and solar domain would also be considered.
In India, Wind business is getting mature while Solar business is evolving. Targeting at least 2 GW capacity by 2020 i.e. 1.5 GW wind and 500 MW Solar, considering wind project capex @ Rs 6 crore/MW and Solar capex @ 7 crore/MW, the total indicative equity contribution up to 2020 for the JV is worked out as - Total Equity contribution on 70:30 debt equity ratio would be Rs 3,750 crore for JV-integrated wind and solar; Rs 2,700 crore JV-Wind; and Rs 1050 crore for JV-solar, ONGC said.
Oil and Natural Gas Corporation Limited (ONGC), a Maharatna Public Sector Enterprise, is one of the most valuable Indian companies and a leading global player in the E&P industry with diverse interest in power, petrochemicals, fertilizers, non-conventional energy etc.
ONGC being a Maharatna company participates in several policy making forums. It has its operations spread across the geographic regions which bring in understanding of local environment. (KNN/ES)
ONGC’S presence in the renewable space includes 51 MW wind farm operational in Gujarat since 2008 and another 102.9 MW, currently under implementation in Rajasthan. The corporation in its perspective plan has a target to achieve 1.5 GW installed capacity each in onshore wind and solar energy domains in India by year 2030, in a phased manner, official data said.
In this regard, it intends to undertake the proposed investment in wind and solar domains through a separate joint venture with a firm, having requisite credentials and experience, as a strategic partner for expeditious roll out of the planned capacity.
ONGC would prefer to have a single integrated firm as partner having renewable energy portfolios in both wind and solar domain. However, separate ventures each for wind and solar domain would also be considered.
In India, Wind business is getting mature while Solar business is evolving. Targeting at least 2 GW capacity by 2020 i.e. 1.5 GW wind and 500 MW Solar, considering wind project capex @ Rs 6 crore/MW and Solar capex @ 7 crore/MW, the total indicative equity contribution up to 2020 for the JV is worked out as - Total Equity contribution on 70:30 debt equity ratio would be Rs 3,750 crore for JV-integrated wind and solar; Rs 2,700 crore JV-Wind; and Rs 1050 crore for JV-solar, ONGC said.
Oil and Natural Gas Corporation Limited (ONGC), a Maharatna Public Sector Enterprise, is one of the most valuable Indian companies and a leading global player in the E&P industry with diverse interest in power, petrochemicals, fertilizers, non-conventional energy etc.
ONGC being a Maharatna company participates in several policy making forums. It has its operations spread across the geographic regions which bring in understanding of local environment. (KNN/ES)
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