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Malaysia's Petronas arm to pick 49% in ReNew Energy's 403 MW peak power project

Mint  

Gentari Sdn Bhd, a subsidiary of Petroliam Nasional Bhd, Malaysia's state-run oil and gas company, will acquire a 49% equity stake in NASDAQ-listed ReNew Energy Global PLC's 403 megawatt (MW) peak power project. As a part of the partnership, ReNew will invest approximately INR 313 crore (about USD 38 million) for its 51% stake in the project and through its affiliates will undertake EPC, O&M, and project management for the project. In June 2022, Petronas set up Gentari Sdn Bhd, to accelerate adoption of clean energy and build a renewable energy capacity of 40GW. It plans to supply 1.2 metric tonnes per annum (mtpa) of green hydrogen and establish electric vehicle (EV) charging points across the Asia Pacific, with a focus on Malaysia and India. The Peak Power project has a 25-year power purchase agreement with Solar Energy Corp. of India, a central government-owned entity, for supplying electricity at a peak tariff of INR 6.85/kWh and an off-peak tariff of INR 2.88 per kWh.