Bharat Petroleum Corporation Ltd (BPCL) has joined hands with Solar Energy Corporation of India Ltd (SECI) to pursue business opportunities in the renewable energy space. The tieup is part of BPCL’s plan to create a renewable energy portfolio of 1GW by 2025 and 10GW by 2040.
BPCL said in a statement on Saturday that the collaboration with SECI would help both organisations to leverage each other’s expertise to pursue opportunities in renewable energy space like solar, wind, electric mobility, hydrogen and waste-to-energy.
The oil marketing company follows in the wake of host of other companies, including Reliance Industries and the Adani group, which have announced ambitious plans in green energy. Adani Green Energy recently signed an agreement with the SECI to supply 4.6 GW of green power. The company said this was the world’s largest green power purchase agreement (PPA).
Gautam Adani is planning to invest $20 billion over the next 10 years across renewable energy generation, component manufacturing, transmission and distribution. Reliance Industries, on the other hand, is planning to invest Rs 75,000 crore in renewable energy over the next three years.
BPCL said the MoU was signed by its head of renewable energy business, Amit Garg, and SECI’s executive director, Sanjay Sharma. The corporation added that in line with the government’s objective to hasten renewable energy capacity development and speed up adoption of electric mobility in the country, it intends to diversify further in the areas of renewable energy and electric mobility and will also take up the development of ESG (environmental, social & governance) projects.
SECL, a PSU under the ministry of new and renewable energy (MNRE), is engaged in promotion and development of various renewable energy resources, particularly solar/wind energy, renewable based storage systems, trading of power, R&D as well as renewable energy based products like green hydrogen among others.
India is looking at 175 GW of renewable energy by 2022 and scale it up to 500 GW by 2030.
“BPCL has an aspiration to have a portfolio of 1 GW of renewable power by 2025, and 10 GW by 2040. Leveraging the skillsets and knowledge base of SECI will help us significantly in achieving these targets,” said Arun Kumar Singh, chairman & managing director of BPCL.
In September, Singh had said the company was planning to invest over Rs 1 lakh crore over the next five years to raise the capacity of petrochemicals, gas business, clean fuel and augment marketing infrastructure.
⚫Tieup is part of BPCL’s plan to create a renewable energy portfolio of 1GW by 2025 and 10GW by 2040.
⚫ Plan is to pursue opportunities in renewable energy space such as solar, wind, electric mobility, hydrogen and waste-to-energy