Bharat Petroleum to Scale up Renewable Energy Portfolio; Collaborates with Solar Energy Corporation of India Limited
The Memorandum of Understanding (MoU) will help both organizations to leverage each other’s expertise to pursue business opportunities in renewable energy space.
BPCL aims to expand its renewable power portfolio to 10GW by 2040 and achieve Scope 1 & Scope 2 Net-Zero emissions by 2040.
Bharat Petroleum Corporation Limited (BPCL), a ‘Maharatna’ and a Fortune Global 500 Company is aiming at 1GW of renewable energy portfolio by 2025. The collaboration with Solar Energy Corporation of India Limited (SECI) will help both organizations to leverage each other’s expertise to pursue opportunities in renewable energy space including solar, wind, electric mobility, hydrogen and waste-to-energy. Over a longer term, BPCL is eyeing a renewable energy portfolio of 10GW by 2040.
BPCL & SECI officials, signing the MoU
The MoU was signed by BPCL’s Head of Renewable Energy Business, Amit Garg, and SECI’s Executive Director, Sanjay Sharma. BPCL is one of India’s best performing Maharatna Public Sector Undertakings having diversified business interests in oil refining, exploration and marketing. In line with GOI’s objective of RE Capacity development and faster adoption of Electric Mobility in the Country, BPCL intends to diversify further in the RE Sector and Electric Mobility sector, and take up the development of ESG projects.
Solar Energy Corporation of India Limited (SECI), a PSU under Ministry of New and Renewable Energy (MNRE), is engaged in promotion and development of various renewable energy resources, especially Solar/Wind energy, RE based Storage Systems, trading of power, R&D as well as RE based products like Green Hydrogen, Green Ammonia, RE powered EV etc. SECI is also the designated implementing agency for many RE schemes of GOI like VGF schemes, Solar Park Schemes, ISTS Projects for Solar & Wind, CPSU schemes etc. SECI has been at the forefront of RE capacity development and has been credited for bringing lowest RE tariffs in the Country.
On the occasion, C&MD BPCL Mr. Arun Kumar 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.”
Further, Ms. 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 GW of Renewable Energy by 2022, which has been further scaled up to 500 GW by 2030. In order to achieve the national targets of solar power additions, there is a need to rapidly scale up efforts. Earlier, BPCL announced the roadmap to expand its portfolio of renewable energy with solar, wind and biofuels, and achieve Net Zero in Scope 1 and Scope 2 emissions by 2040.
About Bharat Petroleum Corporation Ltd. (BPCL)
Fortune Global 500 Company, Bharat Petroleum is the second largest Indian Oil Marketing Company and one of the premier integrated energy companies in India, engaged in refining of crude oil and marketing of petroleum products, with a significant presence in the upstream and downstream sectors of the oil and gas industry. The company attained the coveted Maharatna status, joining the elite club of companies having greater operational & financial autonomy.
Bharat Petroleum’s Refineries at Mumbai & Kochi and subsidiary Bharat Oman Refineries Ltd., at Bina, Madhya Pradesh have a combined refining capacity of around 35.3 MMTPA. Its marketing infrastructure includes a network of installations, depots, energy stations, aviation service stations and LPG distributors. Its distribution network comprises over 19,000 Energy Stations, over 6,100 LPG distributorships, 733 Lubes distributorships, 123 POL storage locations, 53 LPG Bottling Plants, 60 Aviation Service Stations, 3 Lube blending plants and 4 cross-country pipelines.
Bharat Petroleum is integrating its strategy, investments, environmental and social ambitions to move towards a sustainable planet. The company has chalked out the plan to offer electric vehicle charging stations at around 7000 energy stations over next 5 years.
With a focus on sustainable solutions, the company is developing a vibrant ecosystem and a road-map to become a Net-Zero emissions company (for Scope 1 & Scope 2 emissions) by 2040. Bharat Petroleum has been partnering communities by supporting innumerable initiatives connected primarily in the areas of education, water conservation, skill development, health, community development, capacity building and employee volunteering. With ‘Energising Lives’ as its core purpose, Bharat Petroleum’s vision is to be the most admired global energy company leveraging talent, innovation & technology.