(EPT): Bharat Petroleum Corporation Limited (BPCL) announced it has signed Memorandum of Understanding (MoU) with Solar Corporation Of India (SECI) to set up 10 GW Renewable Energy (RE) Capacity by 2024.
The company did not disclose the quantum of investment being planned but said the two firms will jointly pursue business opportunities in Renewable Energy (RE) space including solar, wind, electric mobility, hydrogen and waste-to-energy segments.
The company would begin by setting up a 1 GW of Renewable Energy (RE) portfolio by 2025 “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 & Scope 2 emissions,” BPCL Chairman & Managing Director Shri Arun Kumar Singh said.
BPCL is India’s ‘best performing’ Maharatna Public Sector Undertaking, and its journey from being an Oil and Gas Company in India to a Fortune 500 oil refining, exploration and marketing conglomerate. It’s country’s second-largest oil marketing company.
Solar Energy Corporation of India (SECI), a PSU under Ministry Of New and Renewable Energy (MNRE) ,is engaged in promotion and development of renewable energy resources across India.
India aims at 175 GW of Renewable Energy (RE) capacity by December 2022, including solar and wind energy , and further scale it up to 450 GW by 2030.