Fanning the Winds of Change: Crude Oil Refining Company Awards Contracts for Setting Up 100 MW Windfarm Projects
The stock is up by 37 per cent from its 52-week low of Rs 234.15 per share.
Bharat Petroleum Corporation Limited (BPCL), a Fortune Global 500 company and one of India’s leading oil and gas companies, announced today that they have awarded contracts for the development of 100 MW Windfarm Projects—50 MW each in the states of Madhya Pradesh and Maharashtra. This initiative is a major step in BPCL’s strategy to transition to renewable energy and reduce reliance on imported fossil-based power.
The Letter of Award (LOA) has been issued to Suzlon Energy Limited for the 50 MW wind project in Madhya Pradesh and to Integrum Energy Infrastructure Limited (a subsidiary of Inox Wind Ltd) for the 50 MW project in Maharashtra. These projects are expected to be completed and commissioned within two years.
The wind farms will cater to the captive power requirements of BPCL’s Mumbai Refinery (Maharashtra) and Bina Refinery (Madhya Pradesh), thereby substituting conventional fossil-based energy sources with clean, renewable wind energy.
This initiative marks a crucial milestone in BPCL’s Renewable Energy roadmap, which envisions an ambitious 10 GW portfolio by 2040. These efforts align with BPCL’s broader target of becoming a net-zero energy company in Scope 1 and Scope 2 emissions by 2040.
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About the Company
Bharat Petroleum Corporation Ltd. (BPCL), a Fortune Global 500 company and the second-largest Indian Oil Marketing Company, is a Maharatna status integrated energy company involved in refining crude oil and marketing petroleum products across the upstream and downstream sectors. As of August 31, 2024, BPCL boasts a combined refining capacity of 35.3 MMTPA across its Mumbai, Kochi, and Bina refineries, supported by an extensive marketing and distribution network including over 23,000 fuel stations and 6,250 LPG distributorships. Committed to sustainability, BPCL aims to become a Net Zero Energy Company by 2040 for Scope 1 and 2 emissions and plans to establish EV charging stations at around 7,000 fuel stations in the next five years, while also actively engaging in community development initiatives aligned with its core purpose of 'Energising Lives' and its vision to be an admired global energy company.
The company has a market cap of Rs 1.28 lakh crore and the President of India owns a 52.98 per cent stake in the company. The company has been maintaining a healthy dividend payout of 34.2 per cent and has delivered good profit growth of 28.2 per cent CAGR over the last 5 years. The stock is up by 37 per cent from its 52-week low of Rs 234.15 per share.
Disclaimer: The article is for informational purposes only and not investment advice.