BPCL to Partner with SGHIPL and GPS Renewables for Renewable Energy Projects in India
Key Ideas
- BPCL approved joint ventures with Sembcorp Green Hydrogen India and GPS Renewables for renewable energy projects in India.
- The joint venture with SGHIPL will involve the construction and operation of renewable energy projects as well as the sale of green hydrogen and its derivatives.
- The shareholding pattern in the proposed JV company will be 50% each for BPCL and SGHIPL.
- Both agreements are subject to regulatory approvals from NITI Aayog, DIPAM, and other regulatory bodies.
The Board of Directors of Bharat Petroleum Corporation (BPCL) has approved the setting up of joint ventures with Sembcorp Green Hydrogen India (SGHIPL) and GPS Renewables. The partnership with SGHIPL will focus on constructing and operating renewable energy projects across India, including the sale of renewable energy and green hydrogen. The shareholding in the proposed joint venture company will be equally divided between BPCL and SGHIPL. Additionally, BPCL will be partnering with GPS Renewables to establish compressed biogas (CBG) plants throughout India. These agreements are contingent upon receiving regulatory approvals from various bodies such as NITI Aayog and DIPAM. This strategic move by BPCL demonstrates its commitment to advancing renewable energy initiatives and exploring opportunities in the green hydrogen and biogas sectors in India.