Bharat Petroleum Corporation (BPCL) has announced that it has signed a Memorandum of Understanding (MoU) with Solar Energy Corporation of India (SECI) to build a renewable energy capacity of 10 gigawatts (GW) by 2040. The company did not say how much money it plans to invest, but it did say the two companies will work together to develop commercial prospects in the renewable energy field, including solar, wind, electric mobility, hydrogen, and waste-to-energy.
By 2025, the corporation plans to have a renewable energy portfolio of 1 GW. “This cooperation ushers in a new era of engagement for our firm, and it will catalyze to accelerate our progress toward Net-Zero emissions in Scope 1 and Scope 2,” stated A K Singh, Chairman and Managing Director of BPCL.
With a presence in both the upstream and downstream sectors of the oil and gas industry, BPCL is the country’s second-largest oil marketing firm, refining crude oil and marketing petroleum products. SECI is a public-sector organisation (PSU) under the Ministry of New and Renewable Energy (MNRE) that promotes and develops renewable energy resources. India aspires to reach 175 GW of renewable energy capacity, including solar and wind power, by December 2022, and 450 GW by 2030.
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