BPCL signs MoU with SECI to install 10 GW of renewable energy by 2040
The two companies will jointly be exploring opportunities across solar, wind, electric mobility, hydrogen, and waste-to-energy in Renewable Energy space.
India’s second-largest oil marketing company, Bharat Petroleum Corporation (BPCL) has signed a Memorandum of Understanding (MoU) with the Solar Energy Corporation of India (SECI) for the development of renewable energy.
BPCL specializes in the refining of crude oil and marketing of petroleum products, working both upstream and downstream within the oil and gas industry. The SECI, a state-owned undertaking under the Ministry of New and Renewable Energy (MNRE), works towards the promotion and development of renewable energy sources.
Under the MoU, BPCL plans to install 10 GW of renewable energy capacity by 2040, although the company did not disclose the amount of investment planned.
Solar, wind, electric mobility, hydrogen, and waste-to-energy will be areas in RE space where the two companies will jointly be exploring business opportunities, BPCL statement says. To begin with, the company would set up a 1 GW renewable energy portfolio by 2025, it added.
A K Singh, BPCL Chairman and Managing Director, said: “This collaboration marks the beginning of a new era for our company, and will serve as a catalyst for fast-tracking our journey to Net-Zero in Scope 1 and Scope 2 emissions.”
By December 2022, India is aiming to have 175 GW of renewable energy capacity, including solar and wind power. By 2030, it expects to reach 450 GW.
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