FCC

ONGC to invest $6.2 bn on green energy projects

2022-07-29

Oil and Natural Gas Corporation (ONGC) and its partners will invest $6.2 billion in green energy projects to produce carbon-free hydrogen and green ammonia as part of an ambitious decarbonisation drive.

ONGC has signed a pact with Greenko, one of India's largest renewable energy companies, to form a 50:50 joint venture for green energy projects.

The JV will set up 5.5-7 gigawatts (GW) of solar and wind power projects, and use electricity generated from such plants to split water in an electrolyzer to produce green hydrogen, which in turn would be used for manufacturing green ammonia.