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.
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