India's Bharat Petroleum preps multi-billion-dollar renewables investment - report

Source: IBC Solar AG (www.ibc-solar.com)

January 7 (Renewables Now) - Indian oil marketing company Bharat Petroleum Corp Ltd (BOM:500547), or BPCL, intends to invest some INR 250 billion (USD 3.36bn/EUR 2.98bn) in the deployment of a 10-GW portfolio of renewable energies, local media reported, quoting a senior company official.

Amit Garg, executive director of renewable energy at BPCL, was cited by both Moneycontrol and Mint as saying that the company aspires to realise this portfolio by 2040, with a short-term goal of 1 GW for 2025.

The near-term objective was confirmed in a company release on Thursday about a new biomethane-related collaboration with CSIR-Indian Institute of Chemical Technology (CSIR-IICT). It mentions that BPCL has plans to add 800 MW of solar, 100 MW of wind, 60 MW of small hydro and 40 MW of biomass by 2025.

According to the report by Moneycontrol, the initial 1 GW of renewables should help the company meet its captive demand, mainly from refineries and a proposed petrochemicals unit, but it could also enter into power purchase agreements (PPAs) with buyers. It says that hydrogen could be added to the portfolio at a later stage.

(INR 10 = USD 0.135/EUR 0.119)

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