Saturday, June 25, 2022

BPCL signs MoU with SECI, to set up 10 GW of RE capacity by 2040

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  • The MoU with SECI will help both organisations to leverage each other’s expertise to pursue business opportunities in the RE space, said BPCL CMD
  • BPCL aims to expand its renewable power portfolio to 10GW by 2040 and achieve Scope 1 & Scope 2 Net-Zero emissions by 2040

New Delhi: Bharat Petroleum Corporation Limited (BPCL), India’s second largest oil retailer, has signed a memorandum of understanding (MoU) with Solar Energy Corporation of India (SECI) to build a renewable energy (RE) portfolio of 10 GW capacity by 2040. In the short-term, BPCL is aiming at 1 GW of renewable energy portfolio by 2025, said the disinvestment-bound PSU. “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 10 GW by 2040,” BPCL said in an official statement.

The MoU was signed by BPCL’s Head of Renewable Energy Business Amit Garg and SECI’s Executive Director Sanjay Sharma. “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,” said the statement.

‘BPCL to have 1 GW RE capacity by 2025’

On the occasion, BPCL CMD Arun Kumar Singh, said, “This collaboration harbingers a new area of engagement for our company, and it 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, 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.”

Backdrop

India aims to put in place 175 GW of RE capacity by 2022 and further scale it 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 RE with solar, wind and biofuels, and achieve net zero in scope 1 and scope 2 emissions by 2040.

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