Leading government-owned oil and gas company, Bharat Petroleum Corporation Ltd. (BPCL), is mulling plans to set up 240 MW of renewable energy capacity this fiscal year. The total cost of the project is estimated to be ₹1,600 crores.
“We will soon be setting up solar and wind power facilities. We have plans to set up 240 MW of solar and wind energy farms in Uttar Pradesh, Madhya Pradesh, and Maharashtra at an estimated cost of ₹1,600 crore,” said Sukhmal Kumar Jain, Director of Marketing, BPCL.
The facilities will be used to fulfill BPCL’s captive power requirement for refineries and petrochemical units.
Moreover, approximately 50 MW of solar energy capacity is already under construction at BPCL facilities. The company also stated that it undertook multiple small solar projects to gain experience in the past, and is ready to transition to major projects in the future.
BPCL is targeting to offset its refining and energy emissions by 2040. Hence, it is scaling up its renewable energy portfolio from 50 MW presently to 1 GW by 2025 and 10 GW by 2040. Earlier this year, the organization signed a Memorandum of Understanding (MoU) with the Rajasthan government to set up a 1 GW RE plant in the state.
To achieve this goal, Bharat Petroleum is exploring both organic and inorganic options, along with plans to bid for industry tenders in the future.
Click Here for more updates
Resource: ET Energy
Leave A Comment