ONGC and EverEnviro form JV to set up biogas plants across India – EQ
In Short : ONGC and EverEnviro have established a joint venture to develop biogas plants nationwide, promoting sustainable energy and waste management solutions throughout India.
In Detail : ONGC and EverEnviro Resource Management, a developer of compressed biogas (RNG) in India, have formed a 50-50 joint venture (JV) to set up 10 Compressed Biogas (CBG) plants across India.
These plants are expected to reduce India’s reliance on imported gas and boost domestic renewable energy production.
The JV between ONGC and EverEnviro will be using diverse feedstocks such as agri waste, agro-industrial waste, energy crops, and municipal solid waste (MSW) aiming to mitigate approximately 7.5 lakh tons of CO2 equivalent annually.
Satyan Kumar, Executive Director, Chief Corporate Strategy, ONGC, said, “ONGC has set sights on being Net Zero by 2038 and hence we recognize the urgency of transition to clean energy by utilizing agro-industrial waste and municipal solid waste.”
EverEnviro aims to establish over 100 CBG plants across India. EverEnviro is already executing 20+ CBG projects across Madhya Pradesh, Uttar Pradesh, Delhi, and Punjab with a significant capital investment of nearly Rs 2,000 crores which will result into an output of 320 metric tons per day of CBG.
Eversource Capital is an equal joint venture between Everstone Group and Lightsource bp, a leader in development and management of solar energy projects.
