Bharat Petroleum Corporation (BPCL) announced it has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) to set up 10 Gigawatt (GW) of renewable energy capacity by 2040. BPCL is the country’s second-largest oil marketing company that is involved in refining of crude oil and marketing of petroleum products, with an involvement in the upstream and downstream sectors of the oil and gas industry. SECI, a PSU under Ministry of New and Renewable Energy (MNRE), is engaged in promotion and development of renewable energy resources. The decision is also
significant in that BPCL has been marked out for disinvestment or complete privatisation by the government, in a process that was due to be completed by March, 2022.
The company said that BPCL and SECI will jointly pursue business opportunities in renewable energy space including solar, wind, electric mobility, hydrogen and waste-to-energy segments.
The company would begin by setting up a 1 GW renewable energy portfolio by 2025. “This collaboration marks a new area of engagement for our company, and will act as a catalyst to fast track our journey towards Net-Zero in Scope 1 and Scope 2 emissions,” BPCL Chairman and Managing Director A K Singh said.
India aims at 175 GW of renewable energy capacity by December 2022, including solar and wind power, and further scale it up to 450 GW by 2030.
“EV charging infrastructure is one of the five focused segments that BPCL is working on along with petchem, gas, consumer retailing, renewables and biofuels that will serve the energy needs of the nation,” said Arun Kumar Singh, Chairman, BPCL, in an official statement.
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