ONGC will form a joint venture with EverEnviro Resource Management to build 10 compressed biogas (CBG) plants across India. 

The two companies have also signed a preliminary agreement to form the JV.

By harnessing diverse feedstocks such as agri-waste, agro-industrial waste, energy crops, and municipal solid waste (MSW), the partnership aims to mitigate approx. 7.5 lakh tonne of CO2 equivalent annually.

EverEnviro is also working on 20 CBG projects with about Rs 2,000 crore outlay, and aims to build more than 100 CBG plants in the country. 

Its collaboration with ONGC further represents a significant step towards advancing renewable energy production in India.

EverEnviro, set up in 2019 by Eversource Capital, a JV between investment manager Everstone Group and Lightsource offers waste management solutions.

The oil and gas exploration company is now foraying into the non-fossil fuel business, for establishing solar, wind, and biofuel facilities, and plans to build renewable projects independently and also in partnership with others.

ONGC targets to be net zero by 2038 and is set to expedite the transition to clean energy by utilising agro-industrial waste.