Oil and Natural Gas Corporation (ONGC) has entered into a strategic partnership with EverEnviro Resource Management Pvt Ltd to construct 10 compressed biogas (CBG) plants. This joint venture, formed on an equal basis, aims to leverage various feedstocks to reduce CO2 emissions by 7.5 lakh tons annually.
EverEnviro, a waste management solution provider established in 2019 by Eversource Capital, confirmed that a preliminary agreement for the joint venture has been signed. Eversource Capital is a joint venture between investment manager Everstone Group and Lightsource BP. This initiative marks a significant shift for ONGC, traditionally India’s largest oil and gas producer, as it moves into the renewable energy sector. ONGC plans to set up solar, wind, and biofuel facilities, with a goal of becoming net zero by 2038. The company is also exploring the acquisition of renewable projects to expand its clean energy portfolio. EverEnviro is currently executing more than 20 CBG projects with an investment of about Rs 2,000 crore and aims to build over 100 CBG plants across India. The government has been pushing for increased investment in the CBG sector to reduce dependency on natural gas imports, which currently account for half of India’s gas consumption.
The ONGC-EverEnviro collaboration is expected to contribute to this national objective by focusing on the production of compressed biogas. This joint venture is part of a broader strategy to enhance India’s renewable energy infrastructure and support the transition to a cleaner energy future.
“By harnessing diverse feedstocks such as agri waste, agro-industrial waste, energy crops, and municipal solid waste (MSW), the partnership aims to mitigate approximately 7.5 lakh tons of CO2 equivalent annually,” the company said. The statement didn’t offer details on investments for the planned CBG plants.
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