Bharat Petroleum Corporation (BPCL) is planning to build a 240 MW of renewable power capacity at the cost of Rs 1,600 crore in the current financial year (FY).

This will include setting up solar and wind energy farms in Uttar Pradesh, Madhya Pradesh and Maharashtra. The oil and gas producer is also looking to explore organic and inorganic opportunities, and will initiate the tendering procedure. The capacities in the short-term would enable BPCL to meet the company’s captive demand, primarily from refineries and a proposed petrochemicals unit.

Approximately 50 MW solar projects are under construction at BPCL's facilities. In January, 2023, the company signed a memorandum of understanding (MoU) with the Rajasthan government to set up a renewable energy power plant, and has also taken up a 20 MW green hydrogen project at its Bina refinery in Madhya Pradesh.

Moreover, the company plans to invest Rs 14,000 crore in the ongoing FY to meet its capital expenditure requirement, of which it will utilise Rs 7,000 crore in expanding operations in the natural gas and retailing segment. While BPCL is working to raise the total renewable energy capacity, it is committed to offsetting emissions by 2040, under Scope-I and II emissions.