Enfinity Secures $135 Million for 1.2 GW of Solar and Wind Projects in India

Coal India Subsidiary Invites Bids for 20 MW of Solar Projects in Odisha

Eos Energy Narrows Loss in Q1 2024, Cuts Direct Material Cost

SJVN’s Subsidiary Invites Bids for 377 MW of Solar Modules

Singareni Collieries Issues Consultancy Tender for 67.5 MW Solar Project

Rajasthan Regulator Approves Tariff for NLC India’s 810 MW Solar Project

IEX Records 9% Jump in Q4 Profits, Trades 1 BU of Green Energy

CERC Issues Draft Deviation Settlement Mechanism Regulations

Goodluck, Arctech, GameChange Solar: Top Module Mounting Firms in 2023

Daily News Wrap-Up: Top Rooftop Solar Installers in 2023


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/10/amazon_polly_59695.mp3?version=1702453255">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Oil and Natural Gas Corporation (<a href="https://ongcindia.com/" target="_blank" rel="noopener">ONGC</a>) is set to acquire PTC Energy Limited (PEL), a wholly-owned subsidiary of <a href="https://www.ptcindia.com/" target="_blank" rel="noopener">PTC India</a>, at a transaction valued at ₹9.25 billion (~$111.18 million).</p>
<p>Through PEL, its subsidiary formed in 2008, PTC has commissioned seven wind power projects spread across Andhra Pradesh, Karnataka, and Madhya Pradesh with a generation capacity of 288.8 MW.</p>
<p>PTC Energy was incorporated with the aim of developing an asset base to expand its business to generation, supply, distribution, transmission, and dealing in all forms of energy. This included importing and exporting coal, converting coal or fuels into electricity, fuel linkages, and providing advisory services in the energy sector. Following the adverse situation in the coal trading business, the company decided to turn its focus on the renewable energy sector.</p>
<p>The company has entered into long-term power purchase agreements with state distribution companies for the entire wind portfolio.</p>
<p>This transaction is subject to the fulfillment of conditions precedent and other terms and conditions as per the share purchase agreement to be executed between the parties. It may also need approvals under applicable laws and will be subject to shareholders’ approval of PTC India.</p>
<p>ONGC has announced <a href="https://www.mercomindia.com/ongc-to-invest-%e2%82%b91-trillion-achieve-net-zero-by-2038" target="_blank" rel="noopener">plans</a> to invest over ₹1 trillion (~$12 billion) to increase and accelerate its renewable energy portfolio by 2030.</p>
<p>Last November, PTC India’s tender to <a href="https://www.mercomindia.com/ptc-india-bids-procure-1-gw-wind-solar-hybrid" target="_blank" rel="noopener">procure</a> 500 MW of hybrid renewable energy (wind and solar) Tranche-I, with a greenshoe option of 500 MW, <a href="https://www.mercomindia.com/ptc-indias-eoi-1-gw-hybrid-power-overwhelming-response" target="_blank" rel="noopener">received</a> a strong response, with bids amounting to 3,500 MW from 14 renewable energy generators.</p>
<p>This aligns with PTC’s plans to procure clean energy power renewable power of up to 5,000 MW in tranches of 500- 1,000 MW each in the next two or three years.</p>
<p>In November 2021, SJVN <a href="https://www.mercomindia.com/daily-news-wrap-up-sjvn-rtc-renewable-power" target="_blank" rel="noopener">signed</a> a pact with PTC India to develop products for supplying round-the-clock renewable energy. The two companies will jointly develop products for renewable power supply from SJVN’s projects bundled with available market capacity.</p>


ONGC to Acquire PTC India’s Renewable Energy Subsidiary for ₹9.25 Billion

wind-energy-portfolio

Get the most relevant India solar and clean energy news.

RECENT POSTS