Petronas is in talks with ReNew Energy Global PLC to jointly set up green energy projects in India. The oil and gas giant said it will be looking at traditional renewable energy projects such as wind and solar but will also venture into other sustainable initiatives to further expand presence in green technologies. Our overall target is three gigawatts by 2024 in terms of capacity; a substantial part of that will be within India.
Petronas was in talks with the Tatas that would have resulted in a $2 billion investment deal into Tata Power’s renewable energy-focused investment infrastructure trust (InvIT). However, the year-long negotiation was abruptly called off during its final stages in April this year. In India, Petronas operates in the renewable energy sector through Amplus Solar, a leading rooftop and commercial and industrial (C&I) player that it acquired in 2019. At this time, Petronas through Amplus will not be looking at getting into manufacturing of solar panels.