Bharat Petroleum Corporation (BPCL) is planning to set up 240 MW of renewable power capacity at a cost of Rs 600 crore this fiscal, as per the Director (Marketing), Sukhmal Jain. BPCL is looking to establish solar and wind power facilities in Uttar Pradesh, Madhya Pradesh, and Maharashtra. About 50 MW of solar projects are already under construction at BPCL’s facilities, and the company is targeting its captive requirement for refineries first, which is about 350 MW.
BPCL is exploring both organic and inorganic opportunities and is planning to bid for industry tenders going forward. The company has undertaken multiple solar projects of smaller size to gain experience and is now confident to take up bigger projects. BPCL aims to offset emissions from refining operations and the energy it uses by 2040, referred to as Scope 1 and 2 emissions.
As part of this initiative, BPCL plans to scale up its renewable energy portfolio from less than 50 MW today to 1 GW by 2025 and 10 GW by 2040. “We are now confident to take up bigger projects and shall be participating in renewable energy tenders in the future,” Jain said.
BPCL’s plan to establish 240 MW of renewable power capacity demonstrates the company’s commitment to reducing carbon emissions and promoting sustainable energy. By scaling up its renewable energy portfolio, BPCL aims to become a leader in the renewable energy space and contribute to India’s renewable energy targets.