BPCL Signs MoU With SECI To Set Up 10GW Renewable Energy Capacity By 2040

Bharat Petroleum Corporation (BPCL) has announced signing a Memorandum of Understanding MOU with Solar Energy Corporation of India (SECI) to set up 10 Gigawatt (GW) of renewable energy capacity by 2040. The MoU was signed by Amit Garg, Head of RE Business, BPCL and Sanjay Sharma, Executive Director, SECI, in presence of Head, Corporate Strategy (BPCL) and Managing Director (SECI). The fuel retailer would begin by setting up a 1 GW of renewable energy portfolio by 2025.

The company did not disclose the quantum of investment being planned for the collaboration. However, it said both the companies will jointly pursue business opportunities in renewable energy space like solar, wind, electric mobility, hydrogen and waste-to-energy segments.

The MoU was signed by Amit Garg, Head of RE Business, BPCL and Sanjay Sharma, Executive Director, SECI.

BPCL Chairman and Managing Director A K Singh said, "This collaboration harbingers 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 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."

Suman Sharma, Managing Director, SECI said, "SECI is happy to associate with BPCL in this path-breaking initiative that will open new avenues of sustainable development, a move towards energy security and promises to take India to new frontiers of technology and scale. We are dedicated towards fulfilling India's commitments of carbon neutral economy and look forward to a continuing partnership."

India aims at 175 Giga Watts of renewable energy capacity by 2022, including solar and wind power, and further scale it up to 450 GW by 2030. The country's second-largest oil marketing company, BPCL, earlier announced the roadmap to expand its portfolio of renewable energy with solar, wind and biofuels. It aims to achieve Net Zero in Scope 1 and Scope 2 emissions by 2040.