EverEnviro Resource Management Pvt Ltd (EverEnviro), a wholly owned subsidiary of Green Growth Equity Fund is planning to set up 14 compressed biogas plants in the country with an investment of 1,000 crore, people aware of the development said. Compressed biogas, or CBG, is a greener fuel produced from biomass sources.
It has properties similar to compressed natural gas (CNG) and can be used for automotive, industrial and commercial uses. "We would have 10 plants on the ground in various stages of commissioning by March 2023, but the number of projects we are working on will be much more than that," said Parvez Umrigar, managing director of EverEnviro. He said the company is working on projects based on municipal waste, agro waste and agro-industry waste.
Umrigar declined to comment on the investment the company would be making in these projects but said the investment and number of projects would be much more than what the company is working on at present.
India currently has around 25 CBG plants under operation. Industry players said the sector could see over $2 billion investments in the next five to seven years. Early this month, Adani Group and Reliance Industries Ltd are each planning to invest 500-600 crore in setting up 40-million tonne per annum (mtpa) plants in Uttar Pradesh and Gujarat.
