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Petronas to pick 49% in ReNew project
Energy Global PLC on Wednesday said it has entered into a partnership with Petroliam Nasional Bhd, Malaysia’s state-run oil and gas company. As part of the collaboration, Gentari Sdn Bhd, a subsidiary of Petronas, will acquire a 49% equity stake in NASDAQ listed ReNew’s 403 megawatt (MW) peak power project.
First reported by Mint on 8 August 2022, the deal is part of Petronas’ plans to back green energy projects in India by tying up with ReNew at the project level.
The move reflects a broader trend of global oil companies, including industry leaders like Shell Plc, Total, and Thailand’s PTT Group, establishing a significant presence in the burgeoning green energy sector in India. As the hydrocarbon sector faces disruptions, other major players, such as Eni SpA from Italy, Statoil ASA from Norway and Russia’s Rosneft are also exploring opportunities in the green energy space.
“On 31 May, ReNew entered a partnership with PETRONAS’ clean energy subsidiary Gentari, , which will purchase a 49% equity stake in ReNew’s 403 MW Peak Power project. As a part of the partnership ReNew will invest approximately ₹3,130 million (~$38 million) for its 51% stake in the project and through its affiliates will undertake EPC, O&M, and project management for the project,” ReNew said in a statement, while announcing its Q4 FY23 results.
In June 2022, Petronas set up Gentari Sdn Bhd, to accelerate adoption of clean energy and build a renewable energy capacity of 40GW. It plans to supply 1.2 metric tonnes per annum (mtpa) of green hydrogen and establish electric vehicle (EV) charging points across the Asia Pacific, with a focus on Malaysia and India.
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