Bharat Petroleum Corporation Limited (BPCL) is India’s second-largest government-owned downstream oil producer after ONGC. The company plans to set up 240-MW of renewable power capacity at Rs 600 crore this fiscal year. Sukhmal Jain, the Marketing Director of BPCL, said that the firm would soon build up solar and wind power facilities. “We have ideas to set up 240-MW of solar and wind energy farms in the states of Uttar Pradesh, Madhya Pradesh, and Maharashtra at a projected cost of Rs 600 crore.”

Solar projects of around 50 MW are already under construction at BPCL’s facilities. The company is aiming for a captive necessity for its refineries first, which is about 350 MW.

According to company reports, Bharat Petroleum is exploring organic and inorganic opportunities and forecasting to bid for industry estimates moving forward.

The company commenced many solar projects of smaller size to increase understanding and is confident to take up bigger projects, participating in renewable energy tenders in the future.

Recently, it has signed an agreement with the Rajasthan Government under which BPCL will inaugurate renewable projects costing 1 GW of capacity in the state. It also has signed an MoU with Solar Energy Corporation of India (SECI) to set up 10 GW of renewable energy capacity system by 2040.