SEPTEMBER 20239TOPSTORYSTERLITE POWER SECURES SECOND GREEN ENERGY TRANSMISSION PROJECT IN RAJASTHANBPCL WILL INVEST $18.16 BN IN OIL, GREEN ENERGY OVER 5 YEARSSterlite Power, it has received the order for the Part F Transmission project for Rajasthan Phase-III (20GW). This is Sterlite Power's second foray into transmission projects for green energy in Rajasthan. "Sterlite Power received the Letter of Intent (LoI) from REC Power Development and Consultancy a wholly owned subsidiary of Rural Electricity Corp., to build the project on a BOOT (build, own, operate, transfer) basis, for a period of 35 years,".Three crucial elements that together will completely reshape Rajasthan's green energy landscape are included in the phase III, part F project. First, a strong 350 km (765 kV) transmission route will connect Fatehgarh III's renewable energy zone to the Beawar substation. The second component of the project is the development of a modern 3000 MVA 765/400kV Substation in Beawar. Last but not least, it entails the construction of two 120 km long Longitudinally In-Line-Out (LILO) lines.The project will also include the installation of a static synchronous compensators (STATCOM) system at the Fatehgarh III substation, a ground-breaking achievement that would make Sterlite Power the first commercial provider of transmission infrastructure in India."We are overjoyed to have won our second project for a green energy corridor in Rajasthan. It is true that the creation of these essential renewable infrastructure resources represents a huge step forward for India's renewable energy objectives. According to Pratik Agarwal, managing director of Sterlite Power, "We are ready to deliver world-class assets and support the nation's march towards a greener future". In order to grow its oil business and increase its portfolio of renewable energy sources in order to achieve its 2040 net zero target, Indian refiner Bharat Petroleum Corp plans to invest $18.16 billion over five years, according to Chairman G Krishnakumar. Businesses in India, the third-largest emitter of greenhouse gases in the world, are investing billions of dollars to reduce their emissions, but they are simultaneously investing in fossil fuels because the country's economic growth is anticipated to increase demand for petrochemicals and fuel.The country has set a goal for itself to achieve net zero by 2070. Although some of their decarbonization plans are in jeopardy due to political pressure, many Western nations have set a mid-century aim to achieve net zero. "The company has set a planned capex outlay of around 1.5 trillion rupees ($18.16 billion) over the next five years, which will enable BPCL to create long-term value for our stakeholders while preserving our planet for future generations," Krishnakumar said during an annual shareholders meeting.However, Krishnakumar stated that between now and 2040, BPCL would invest 1 trillion rupees in projects like green hydrogen, carbon capture, utilisation, and storage (CCUS), as well as on enhancing energy efficiency to reduce emissions. By 2025 and 10 GW by 2040, the corporation aspires to possess 1 GW and 10 GW, respectively, of renewable energy capacity.For its 240,000 barrels per day (bpd) Mumbai refinery and Bina refinery in central India, it would invest 10 billion rupees to build 50 megawatts of captive wind power facilities. To increase the percentage of petrochemicals in its business to 8, BPCL is building a 490 billion rupee ethylene cracker at the 156,000 barrels per day (bpd) Bina refinery. The capacity of the Bina refinery is also being increased to 220,000 bpd.
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