Malaysia's Petronas launches clean energy firm for carbon-free push

Photovoltaic panels stand at a solar power station operated by Huanghe Hydropower Development Co., a unit of State Power Investment Corp., at the Golmud Solar Park on the outskirts of Golmud, Qinghai province, China, on Tuesday, July 24, 2018. China has emerged as the global leader in clean power investment after it spent $127 billion in renewable energy last year as it seeks to ease its reliance on coal and reduce smog in cities, according to a report jointly published by the United Nations and Bloomberg New Energy Finance in April. Photographer: Qilai Shen/Bloomberg

Malaysia’s Petronas on Thursday announced the establishment of a new clean energy solutions company, Gentari, as part of a global push by the state oil firm to produce carbonfree energy.

Petronas, the world’s fourth-largest exporter of liquefied natural gas (LNG), in 2020 said it was stepping up investments in hydrogen and expanding its portfolio in renewable energy.

Wholly-owned by Petronas, Gentari has been tasked with helping deliver renewable energy, hydrogen and green mobility solutions, with a long-term goal of becoming a “full suite net zero solutions provider”, according to a statement by Gentari.

Gentari said by 2030 it aimed to build a renewable energy capacity of 30-40 gigawatt (GW) particularly in solar, and supply up to 1.2 million tonnes per annum (mtpa) of hydrogen. It also aims to capture a 10% share of the electric vehicle (EV) ecosystem across key markets in Asia Pacific, especially in Malaysia and India.

Gentari will benefit from Petronas‘ capacity and resources to pursue clean energy on an industrial scale, said Gentari’s chairman, Tengku Muhammad Taufik, who is also Petronas‘s chief executive.

The firm said its existing assets and projects include more than 1 gigawatt-peak (GWp) of solar capacity in India and Malaysia, a pipeline of clean hydrogen projects, as well as more than 220 EVs.

The first of the clean hydrogen projects, which is being developed in Malaysia and other markets, is due to come onstream in 2025, it added.

Reuters

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