India (Commonwealth Union)_Despite failing to find a suitable partner, Malaysia’s Petroliam Nasional Berhad (Petronas) would seek India to make up a “significant” portion of its 3 GW renewable energy objective, a top executive said. The oil and gas company stated that it would consider conventional renewable energy projects like wind and solar, but would also explore alternative sustainable efforts to further increase its footprint in green technology.
The Tatas and Petronas were in negotiations for a $2 billion investment into Tata Power’s investment infrastructure trust with an emphasis on renewable energy (InvIT). The year-long negotiations, however, were unexpectedly abandoned in April of this year as they were nearing their conclusion.
That story was first reported by ET.
Mariyappan, who was speaking from Singapore, declined to comment on the failed agreement but added that Petronas will keep looking for new partners in India. Amplus acquired 100 MW of solar assets from Acme last year. Greenfield projects through Amplus’s advancement into open-access solar rooftops will be the key road to development in India, according to Mariyappan, while he did not completely rule out acquisitions like that from Acme.
He declined to say how much money the corporation plans to invest in India. One of the two individuals described above, who asked to remain anonymous, indicated that “Petronas, through Gentari, would focus on three important verticals in India EV, green hydrogen, and renewables.”
According to Mariyappan, Petronas through Amplus will not be considering entering the solar panel manufacturing business at this time. “We will undoubtedly raise our production capacity if there is a greater demand for hydrogen from our clients. We will investigate that area if it can be given to clients cost-effectively and securely, whether it is in India or somewhere else.” With the proper partner, the business would be open to setting up production in India and importing hydrogen, according to Mariyappan.
