EverEnviro Resource Management, set up by Eversource Capital in 2019, offers comprehensive solutions for the management of various waste streams, including urban municipal waste, agro waste and hazardous waste. Eversource Capital is an equal joint venture between Everstone Group and Lightsource bp.
At present, EverEnviro has an operational Bio-CNG plant in Indore with 550 tonnes per day capacity and supply CBG into Avantika Gas’ piped natural gas (PNG) grid since September last year. It plans to add 5 more plants operational by FY24 – in Punjab, Uttar Pradesh and Madhya Pradesh with a total capacity of 60 MT CBG per day.
When contacted, Mahesh Girdhar, MD and CEO, EverEviro Resource Management, declined to comment on the fundraising plans.
“We have backing from the leading banking institutions such as PNB, Tata Capital and HDFC and we are in the process of further expansion. As the first player in the industry to have 5 CBG plants operational, we are setting a value proposition for the industry,” he said.
States like Punjab, Haryana face a lot of smoke issues during September -October time, due to the burning of the residue. So, we want to be part of the solution and we plan to set up multiple more plants based on the rice residue. Same way in UP, we have plants based on the sugarcane press mud, Girdhar said. EverEnviro plans to attain a daily CBG output of 1,000 tonnes on a pan- India scale within the next 4-5 years, with spending Rs70-100 crore per plant, he added. However, the Ministry of New and Renewable Energy (MNRE) provides just Rs 4 crore for plants producing 4.8 ton per day of CBG, capped to Rs 10 crore per plant for 12 ton per day or more per CBG plant. As per the latest data, about 48 CBG plants were commissioned till date, with CBG quantity of 9548 tonnes sold in FY 2023-24.
In order to promote the production and consumption of CBG in the country, the National Biofuels Coordination Committee (NBCC) had introduced phase wise mandatory blending of CBG in CNG (Transport) & PNG (Domestic) segments of the City Gas Distribution (CGD) sector. CBG Blending Obligation (CBO) shall be kept as 1%, 3% and 4% of total CNG/PNG consumption for FY 2025-26, 2026-27 and 2027-28 respectively. From 2028-29 onward, CBO will be 5%, according to Rameswar Teli, the petroleum & natural gas minister.
In September, EverEnviro had entered into a JV with Indian Oil Corporation Ltd (IOCL) to set up Compressed Biogas Plants (CBG) in the country, as part of EverEnviro’s mission to establish over 100 CBG plants across India based on diverse feedstock, including municipal solid waste (MSW), agro waste, and agro-industrial waste.
Another Bengaluru based CBG player Trualt Bioenergy had tied up with Gail India to establish 10 compressed biogas (CBG) plants, with an investment exceeding $72 million.
Similarly, Mukesh Ambani-owned Reliance Industries plans to set up about 100 CBG plants across the country over the next five years, consuming more than 5.5 million tons of agricultural residue and organic waste, leading to about 2 million tons reduction in carbon emissions annually.
