Petronas is in negotiations with India’s Renew Energy Global to jointly develop green energy projects in India, reported LiveMint, citing sources aware of the matter.
Petronas may acquire 49% stake from the Indian firm at the project level.
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In June, Petronas established a unit, Gentari, to speed up the adoption of clean energy and build a capacity of 40GW, and supply 1.2MTPA of green hydrogen and establish EV charging points, with focus on India and Malaysia.
Recently, the Indian government made amendments to Energy Conservation Act to put in place enabling provisions to make use of clean energy including green hydrogen.
One of the sources told the publication that Petronas via Gentari will focus on three verticals in India – electric vehicles, green hydrogen and renewables.
In April, Renew had declared a similar deal with Mitsui, which acquired a 49% stake in Renew’s 1.3GW project consisting of three wind farms and one solar plus battery storage farm.
Petronas has lately signed agreements with Karnataka and Tamil Nadu in India.
The company has decided to invest $7.5bn to build green hydrogen and ammonia plants.
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Image: Petronas may buy 49% stake from Renew at project level. Credit: Frauke Feind from Pixabay
