Malaysia's Petroliam Nasional Bhd, or Petronas, is in talks with ReNew Energy Global PLC to jointly set up green energy projects in India, 2 people aware of the development said.
According to the plan being discussed, Petronas may buy 49 percent stake from ReNew at the project level, the people said, seeking anonymity.
In June 2022, Petronas set up a unit, Gentari Sdn Bhd, to accelerate the adoption of clean energy and build a renewable energy capacity of 40GW, supplying 1.2 mtpa of green hydrogen and setting up electric vehicle (EV) charging points across the Asia Pacific, with a focus on Malaysia and India.
The Malaysian company's interest comes amid the Indian government introducing amendments to the Energy Conservation Act in Parliament to put in place enabling provisions to make the use of clean energy, including green hydrogen, mandatory and institute a regulatory framework for carbon trading.
"Petronas, through Gentari, will focus on 3 major verticals in India EV, green hydrogen and renewables," said one of the two people cited above, requesting anonymity.
In April, Nasdaq-listed ReNew announced a similar agreement with Mitsui and Co. Ltd, with the Japanese company picking up a 49 percent stake in ReNew's 1.3 GW round-the-clock (RTC) project comprising 3 wind farms and one.