VA Tech Wabag Limited (WABAG), a pure-play Water Technology Indian Multinational Group, has entered into an MoU with Peak Sustainability Ventures (PEAK) to establish 100 Bio-CNG plants at sewage treatment facilities across India and other mutually agreed-upon locations in the GCC, Africa, and European countries.
The parties aim to harness the unutilized potential of Sewage treatment plants and to generate Bio-CNG which can be used for mobility application in trucks and heavy duty vehicles, and for industrial applications, thereby reducing the need for fossil fuels.
“This initiative would not only meet the growing energy demand in a responsible and eco friendly manner, but also contribute to India’s commitment to GHG emission reduction and to reduction of air pollution from methane, which has much higher Global Warming Potential (GWP) than carbon dioxide,” it said in a statement.
This strategic tie up will further boost WABAG’s commitment towards a cleaner and greener world. WABAG has already implemented around 40 large biogas generation facilities in its various projects globally. PEAK manages an Alternative Investment Fund (AIF) which invests across 4 verticals: new energy (renewables, energy storage, waste-to-energy, hydrogen, etc.), food systems, water and other climate related sectors to address the mitigation and adaptation objectives of the SDG goals. WABAG will play the role of a technology partner and will be responsible for execution, commissioning and O&M of the Bio-CNG plants. PEAK would provide inputs in energy related areas and assist in raising capital for financing projects at scale.
The business potential for the establishment of 100 Bio-CNG plants is expected to be over $200 million and this collaboration aims to generate over 73 million kgs of Bio-CNG per annum. This will be a significant boost to the local and agrarian economies and will also result in employment opportunities while simultaneously providing immense ecological benefits, further empowering the G20 initiative of the Global Biofuel Alliance and enhancing the energy security of the country.
Shailesh Kumar, CEO-India Cluster, WABAG, said, “WABAG has always been a frontrunner in terms of implementing sustainable solutions and in generating green energy. WABAG is already producing more than 40 MWh of green energy through its various installed plants. With this collaboration, we are taking a next step in our green energy segment to produce cleaner and greener fuel and to support the country’s vision of Atmanirbhar Bharat. This aligns perfectly with the vision of implementing sustainable solutions for a better life.”
Samir Shah, Managing Partner of Peak Sustainability Ventures, said, “We are excited to collaborate with WABAG in this initiative to establish a pathway for meeting India’s energy goals in a sustainable manner using methane generated by STP’s which would otherwise result in higher emissions and pollution. With our deep understanding of the energy space and our global network and relationships, we shall focus on bringing institutional capital to this pioneering initiative and work with WABAG to evaluate innovative technologies globally which can result in higher efficiency, improved process flow, hydrogen extraction and other ways to improve project outcomes. Through this collaboration we hope to contribute towards accelerating India’s energy transition to a low carbon future.”