Chennai:
Bharat Petroleum Corporation Limited (BPCL) and Singapore-based energy group Sembcorp have signed a joint venture agreement aimed at developing renewable energy and green hydrogen projects across India, as part of a broader push to support the country’s energy transition.
The partnership, first announced in principle on September 13, 2024, will explore opportunities in green ammonia production, bunkering, decarbonisation of port operations, and other low-carbon technologies. The companies plan to combine Sembcorp’s experience in renewable assets with BPCL’s infrastructure and domain expertise in the petroleum sector.
“This collaboration marks a significant step in BPCL’s transition journey,” said G Krishnakumar, Chairman and Managing Director of BPCL. “Our joint efforts with Sembcorp aim to develop cutting-edge renewable and green hydrogen solutions in support of India’s climate goals and our commitment to achieve net-zero Scope 1 and 2 emissions by 2040.”
BPCL is targeting a renewable energy portfolio of 10GW as it moves to reposition itself as a net zero energy company by mid-century.
Vipul Tuli, President & CEO of Sembcorp’s Renewables (West) and Hydrogen business, added: “We see this venture as an opportunity to deliver scalable, low-carbon energy solutions to help decarbonise India’s hard-to-abate sectors.”
Sembcorp, which operates 6GW of renewable assets in India, has identified green hydrogen and ammonia as strategic growth areas in its decarbonisation roadmap.
The joint venture is not expected to have a material impact on Sembcorp’s earnings per share or net tangible assets for the financial year ending December 31, 2025.
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