Citing a senior business executive, the state-run Bharat Petroleum Corporation Ltd (BPCL) plans to build 240 MW of renewable power capacity this fiscal at a cost of Rs 1,600 crore.

"We will be establishing solar and wind power facilities soon." "We intend to build 240 MW of solar and wind energy farms in Uttar Pradesh, Madhya Pradesh, and Maharashtra at a cost of Rs 1,600 crore," said Sukhmal Kumar Jain, BPCL's director (marketing). At BPCL's facilities, around 50 MW of solar projects are already under construction.

The corporation is aiming for a captive requirement of around 350 MW for its refineries first.

Jain went on to say that BPCL is looking into organic and in-organic prospects, as well as bidding on industry tenders in the future.

"To gain experience, we undertook a number of smaller-scale solar projects." "We are now confident in taking on larger projects and will participate in future renewable energy tenders," Jain said.

BPCL has committed to offsetting Scope 1 and 2 emissions from refining activities and energy consumption by 2040.

As a result, it is increasing its renewable energy portfolio from less than 50 MW today to 1 gigatonne by 2025 and 10 gigatonnes by 2040.

The business inked a memorandum of understanding (MoU) with the Rajasthan government in January to establish the renewable energy generating facility.

Another public sector business, NTPC, established NTPC Renewable Energy Ltd (NTPCREL) in 2020 to accelerate the company's renewable energy growth and enhance its green footprint across the country, offshore, and overseas.