BPCL, SECI inks MoU to set up 10GW of RE capacity by 2040
Bharat Petroleum Corporation (BPCL) has announced it has signed 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 agreement for collaboration was signed by BPCL's Head of Renewable Energy Business, Amit Garg, and SECI's Executive Director, Sanjay Sharma.
The push is also significant in that BPCL has been marked out for disinvestment or complete privatization by the government, in a process that was due to be completed by March 2022. That process is running behind schedule, but it doesn't seem to have prevented the PSU from pledging to major strategic decisions.
The company did not disclose the quantum of investment being planned but said that BPCL and SECI will jointly pursue business opportunities in renewable energy space including solar, wind, electric mobility, hydrogen, and waste-to-energy segments.
The company would commence by setting up a 1 GW renewable energy portfolio by 2025. "This collaboration marks 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 Chairman and Managing Director A K Singh stated.
