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BPCL to build 10 GW clean energy capacity by 2040 at Rs 25,000-cr investment: Report

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BPCL plans to build 10 GW clean energy capacity by 2040, at an investment of Rs 25,000 crore. The renewable energy portfolio would comprise 800 MW of solar power, 100 MW of wind power, 60 MW of small hydro and 40 MW of biomass.

BPCL to build 10 GW clean energy capacity by 2040 at Rs 25,000-cr investment: Report

State-owned oil and gas company Bharat Petroleum Corporation Limited (BPCL) plans to build 10 GW (gigawatt) clean energy capacity comprising solar, wind and small hydro and biomass renewables, by 2040, at an investment of Rs 25,000 crore, Mint reported.

The renewable energy portfolio would comprise 800 MW of solar power, 100 MW of wind power, 60 MW of small hydro and 40 MW of biomass. The company could introduce green hydrogen production at a later stage for which it is collaborating with Bhabha Atomic Research Centre (BARC) to scale up the alkaline electrolyser technology.

“We have aspiration to reach 1 GW of renewable energy in the short term (by 2025) and a 10 GW portfolio, say, by 2040 or earlier," Mint quoted Amit Garg, executive director of renewable energy at BPCL, as saying.

In the short term, the capacity would be used to meet BPCL’s captive demand from refineries and a proposed petrochemicals unit. The oil and gas major could also ink power purchase agreements (PPAs) with buyers, the company said.

At present, the company is looking for land in Uttar Pradesh to set up its power producing units of 80-100 MW. It is also scouting for land in Bina in Madhya Pradesh for a 20 MW unit, 250–500 MW unit in Rajasthan and less than 5 MW in Delhi.

The company plans to achieve net-zero carbon emissions from its refining operations and from the energy it uses by 2040, it said.

“India would be among the countries that will continue to grow in fossil fuels, but we understand that it has to eventually move to clean energy," the company said.

BPCL is also collaborating with Solar Energy Corporation of India to set up 10 GW of renewable capacity by 2040.

Meanwhile, reports said the company’s privatisation plans may be shifted to the next fiscal. An analyst from the brokerage tracking BPCL told Mint that investors may be cagey about betting on a fossil fuel company at a time when energy firms around the world are focussing on building a greener portfolio, resulting in a slower privatisation process.

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