From Oil to Wind: How ONGC Green’s Bold Moves Signal India’s Renewable Energy Revolution.

Once known solely for pumping barrels of oil from the belly of the earth, India’s energy giant ONGC is now tapping into something a little more… breezy.

In a move that turned heads across the energy sector, ONGC Green, the renewable arm of the oil behemoth, acquired PTC Energy for ₹9.25 billion (roughly $106 million). This isn’t just a transaction—it’s a statement. With this single acquisition, ONGC Green adds 288 megawatts of already operational wind power to its portfolio, spread across Karnataka, Madhya Pradesh, and Andhra Pradesh.

And it’s not happening in a vacuum.

India is in the thick of an ambitious transformation, targeting 500 GW of non-fossil fuel energy capacity by 2030. But the road so far has been bumpy—the country missed its 2022 goal of 175 GW. So now, it’s all hands on deck. Public sector giants, private players, and international investors are all scrambling to get a piece of the green pie.

ONGC’s latest move signals a deeper shift—a legacy fossil fuel major reimagining its role in India’s climate story. Is this a true transition, or just smart optics?

This blog dives into why this deal matters, how it fits into India’s larger renewable puzzle, and what it means for the future of energy in one of the world’s fastest-growing economies.

ONGC Green’s ₹9.25B acquisition of PTC Energy signals a major leap in India's renewable ambitions, with 288 MW of wind power added across three states.

A Windfall in More Ways Than One

ONGC Green’s acquisition of PTC Energy marks more than just megawatts—it signals momentum.

India’s Oil and Natural Gas Corporation (ONGC), a company historically rooted in hydrocarbons, is steadily expanding its green ambitions. In June 2025, its renewable energy subsidiary ONGC Green acquired PTC Energy Ltd., a clean energy firm owned by PTC India, for ₹9.25 billion ($106 million). The deal brings 288 MW of wind power capacity under ONGC’s umbrella—assets that are not just conceptual or under development, but fully operational across three Indian states.

This includes:

• 50 MW in Madhya Pradesh

• 50 MW in Karnataka

• 188 MW in Andhra Pradesh

For ONGC Green, this is more than just an asset acquisition—it’s a shortcut to scale. Wind farms are notorious for long lead times, complex approvals, and land-related bottlenecks. With this deal, ONGC bypasses all that red tape and lands itself plug-and-play clean power capacity.

The financial terms may seem modest compared to global energy megadeals, but the strategic timing couldn’t be more crucial. India is racing against its own climate clock. And companies like ONGC—once symbols of fossil-fuel dominance—are now being watched for how sincerely they adapt to the renewable future.

So, why wind? Why now? And what does this tell us about ONGC’s deeper game plan?

Let’s break it down.

The Giant Awakens: ONGC’s Green Playbook – From Fossil to Future

For decades, ONGC has been a national symbol of oil exploration—its rigs, refineries, and offshore blocks defining India's energy security. But in a world shifting rapidly toward sustainability, even giants must evolve—or risk becoming relics.

ONGC’s goal is crystal clear: build a 10 GW renewable energy portfolio by 2030. That’s a hundredfold leap from where it started just a few years ago. And it's not just talk. This year alone, ONGC Green has made more than one major move.

In February 2025, it joined hands with NTPC Green Energy—another public sector heavyweight—to bid for Ayana Renewable Power, a solar and wind energy firm valued at a staggering $2.3 billion. While the deal is still under wraps, it signals ONGC’s growing appetite for big-ticket clean energy investments.

From Rig to Renewables: A Mindset Shift

This isn’t just a diversification strategy—it’s a reputational pivot. Energy companies globally are under pressure from investors, governments, and the public to decarbonize. ESG benchmarks now shape funding. Green investments attract global capital. ONGC isn’t just reacting—it’s realigning.

“We recognise the world is changing—and so must we. Our investments today are about securing relevance tomorrow,” said a senior ONGC executive during an industry summit earlier this year.

And while solar often grabs headlines, ONGC’s tilt toward wind energy is strategic. Wind, unlike solar, offers more consistent energy generation—especially in regions like coastal Andhra and Karnataka. It also allows ONGC to diversify its clean energy mix and reduce grid volatility risks.

But can an oil-first enterprise truly lead India’s renewable renaissance? That depends not just on strategy—but execution.

Chasing 500 GW: Can India Really Make It?

India isn’t aiming small. The country has set itself one of the world’s most ambitious clean energy goals—hitting 500 gigawatts (GW) of non-fossil fuel power by 2030. That includes solar, wind, hydro, and other greener alternatives. On paper, it’s inspiring. But on the ground? The challenge is massive.

As of mid-2025, we’ve reached about 190 to 200 GW of clean energy capacity. That still leaves a gap of over 300 GW to be covered in just five years. To put that in perspective—what we need to build next is more than 1.5x of everything we’ve built so far. The low-hanging fruit is gone. What’s left will take deeper effort, bigger investments, and faster decisions.

This isn’t our first delay either. Back in 2015, the target was 175 GW by 2022. That deadline slipped. We finally crossed it in 2025—almost three years late. Not because of a lack of ambition, but because the on-ground roadblocks are very real. State-level policies often lag, DISCOMs are financially stressed and hesitant to buy green power, land acquisition moves slowly, and our transmission grid just isn’t ready to carry all this new power across the country.

That’s where public sector giants like ONGC, NTPC, and Indian Oil come in. These aren’t startups—they have capital, political backing, and the scale to deliver big infrastructure. ONGC’s recent move to acquire PTC Energy and its 288 MW of wind power is a smart shortcut. Instead of building from scratch, they’re buying what’s already working—and pushing it straight into India’s clean energy ledger.

But make no mistake: transitioning from oil fields to wind farms isn’t a simple pivot. These companies are stepping into a whole new game—with different tech, risks, and talent needs. They’ll need to move fast, partner wisely, and most importantly, rethink what energy leadership means in 2025.

Buying the Future: Why Acquisitions Are the Fast Lane to Net Zero

In the race toward net zero, the clean energy sector has learned one thing quickly: building from scratch takes time, but buying existing assets gets you in the game now.

That’s exactly why ONGC Green’s move to acquire PTC Energy makes strategic sense. Wind energy projects often take several years to go from planning to generation. Land needs to be secured, permits granted, turbines imported or manufactured, and infrastructure like roads and grid connectivity built. It’s a long, risky process—and delays are common. By acquiring 288 MW of operational wind assets, ONGC skips that entire development cycle and adds clean megawatts to its books instantly.

This acquisition model is not unique to ONGC or India. Globally, energy majors are pursuing similar strategies. Shell, for instance, acquired Germany’s Sonnen to enter battery storage. BP took a major stake in Lightsource, one of Europe’s leading solar developers. These aren’t side bets—they’re full-blown business pivots. For fossil-fuel giants, buying into renewable companies is the quickest way to reinvent themselves in a carbon-constrained world.

And let’s not forget the national impact. India needs to add more than 60 GW of renewable capacity every year from now until 2030. That’s a staggering figure. If we relied only on greenfield (new) projects, we’d likely fall behind. But brownfield acquisitions—buying existing or nearly-completed assets—can help bridge the gap and reduce execution risk.

ONGC’s PTC deal is a classic example of this shift. Instead of waiting for wind projects to be developed, ONGC has chosen to acquire maturity—both in assets and in experience. These deals give the company not just megawatts, but operational insights, local partnerships, and groundwork for larger plays in the future.

In a world where climate goals are non-negotiable and timelines are tight, buying scale may be smarter than building it. And India, quite clearly, needs both.

Ripples in the Grid: What This Means for India’s Economy and Energy Sector

Every time a major PSU like ONGC places a bet on renewable energy, the ripple effects go far beyond the corporate world. This isn’t just about windmills—it’s about economic revival, energy security, and green industrialisation.

First, let’s talk about confidence. When a heavyweight like ONGC pours ₹9,000 crore into clean energy assets, it sends a strong signal to the markets: green is bankable. It builds investor trust in the sector, encourages more public-private partnerships, and often triggers similar moves from competitors. This is exactly how momentum builds—one deal at a time.

Second, these acquisitions bring real benefits on the ground. The 288 MW of wind energy that ONGC now owns is spread across three Indian states—Madhya Pradesh, Karnataka, and Andhra Pradesh. For these regions, this means more than clean power. It means local jobs, land lease incomes, grid upgrades, and even boosts to rural economies through maintenance, transport, and support services.

Then there’s the supply chain. A serious push into wind and solar doesn’t just generate electricity—it jumpstarts domestic manufacturing. Turbines, blades, inverters, batteries—all of these have massive make-in-India potential. And as PSUs scale up their renewable ambitions, they create predictable demand that de-risks investment in local factories and logistics.

Let’s not forget India’s climate diplomacy. We’ve made big promises on the world stage—from COP27 to the G20. ONGC’s clean energy investments help back those promises with action, and give India more credibility in global climate talks.

In short, deals like this are more than business—they’re nation-building with wind power. And in the race to reimagine India’s energy future, every turbine turned on is one step closer to energy independence.

Conclusion: A Greener Tomorrow, One Bold Move at a Time

ONGC Green’s acquisition of PTC Energy isn’t just another line in a quarterly report—it’s a clear signal that India’s energy landscape is changing. The country that once ran on coal and crude is now slowly but surely turning to wind, sun, and sustainability. And this time, the shift isn’t being driven by startups alone—but by the very giants who built the old energy order.

Yes, the road to 500 GW by 2030 is steep. Yes, India has missed clean energy targets before. But what we’re seeing now—strategic acquisitions, policy alignment, public-private ambition—is different. It's faster. More focused. More accountable.

For ONGC, this isn’t just about staying relevant—it’s about staying ahead. In the face of rising global ESG expectations, shifting investor sentiment, and domestic energy needs, the company is evolving from being just a supplier of energy to becoming a partner in India’s sustainable future.

And for the rest of us? These moves matter. Because clean energy isn’t just a climate issue—it’s an economic one, a jobs one, a national security one. Every wind turbine added today brings us closer to a future that’s not just greener, but more resilient.

In the end, energy transitions aren’t made in labs—they're made through bold choices. ONGC just made one

Our Directors’ Institute - World Council of Directors can help you accelerate your board journey by training you on your roles and responsibilities to be carried out efficiently, helping you make a significant contribution to the board and raise corporate governance standards within the organization.