Bharat Petroleum Corporation Limited (BPCL) is advancing its renewable energy initiatives through two new joint ventures. The company’s Board of Directors has approved partnerships with Sembcorp Green Hydrogen India Pvt. Ltd. and GPS Renewables Pvt. Ltd.
In a filing on September 12, BPCL announced the joint ventures aimed at expanding its footprint in the renewable energy and green hydrogen sectors. The collaboration with Sembcorp Green Hydrogen India will focus on developing, building, and operating renewable energy and green hydrogen projects across India, including the sale of renewable energy and hydrogen.
Additionally, BPCL will partner with GPS Renewables to construct and operate compressed biogas (CBG) plants nationwide. This joint venture will also oversee the sale of compressed biogas and related derivatives. Both agreements are subject to regulatory approvals from bodies such as NITI Aayog and DIPAM.
BPCL will hold a 50% stake in each joint venture, aligning with the company’s broader strategy to transition toward renewable energy and meet its net-zero goals.
The move follows a challenging financial quarter for BPCL, with the company reporting a 73.3% drop in net profit in Q1FY25. Despite this, BPCL remains committed to its long-term sustainability objectives, leveraging these new partnerships to drive progress in the renewable energy sector.