Sojitz Corporation of Japan forays into India's clean energy sector; to invest $400 mn in 30 biomethane plants
Sojitz, a Japanese trading firm, in collaboration with IOC GPS Renewables Pvt. Ltd. (IGRPL), a joint venture between Bengaluru-based GPS Renewables and Indian Oil Corporation, will develop and operate biomethane production facilities in India using agricultural waste as feedstock.
Under the partnership, IGRPL would establish 30 biomethane plants by FY2026-FY2027 with a production capacity of 1,60,000 tonne of biomethane annually, with a total outlay of over $400 million, said a communique.
Mainak Chakraborty, CEO and Co-Founder, GPS Renewables, said, 'Sojitz and GPSR group have a shared vision of improving India's energy self-sufficiency. As the country's energy demand continues to rapidly grow, it's crucial for us to prioritise biofuels and find ways to reduce our dependence on fossil fuels.''
The collaboration with Sojitz was a step towards increasing the production of cleaner sources of energy while reducing air pollution caused by the open burning of agricultural waste, he added.
Biomethane is produced by purifying biogas and it can be a direct replacement for fossil fuel, significantly reducing greenhouse gas emissions and promoting circular economy.
According to the statement, Sojitz consideres India as one of the key strategic markets and it has plans to play an active role in its transition to renewable energy. Green transformation (GX) business is a priority for Sojitz, and to advance this initiative further, a dedicated organization has been set up to drive their GX initiatives.
Through this investment, Sojitz and GPSR would work to drive India's clean energy goals by accelerating the expansion of biomethane production and operation across the country. The companies would leverage GPSR's expertise in biomethane production processes, technology expertise, indepth experience in design, construction, operation, and maintenance of biomethane plants.
Additionally, IOCL's expansive network with gas consumers would play a crucial role in scaling distribution. Sojitz would also assess possibilities for biomethane production beyond India and explore opportunities in the broader bioenergy sector, the partner companies said.
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