BPCL to form JVs for renewables, green H2 and biogas in India

Indian public sector undertaking Bharat Petroleum Corporation Ltd (BOM:500547) has signed agreements to form 50/50 joint ventures (JV) with two different companies, seeking to create vehicles that will develop, build and operate renewable energy projects, green hydrogen and biogas plants in India.

The refiner, known as BPCL, entered into an agreement with Sembcorp Green Hydrogen India Private Limited to pursue the development of renewables and green hydrogen, including derivatives, across India, BPCL said in a stock market filing on Thursday.

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The scope of the new business will also include the sale of renewable energy, green hydrogen and its derivatives. With this partnership, BPCL aims to diversify its business and support its energy transition and net zero initiatives, the company said.

The second deal is meant to bring together BPCL and GPS Renewable Private Limited. Their 50/50 JV will focus on building, operating and maintaining compressed biogas (CBG) plants in India, and the sale of CBG and its derivatives.

The new venture will enable BPCL to meet the CBG blending obligation mandate and support its energy transition and net zero initiatives, according to the text of the filing.

Both JV agreements require regulatory approvals from various bodies. The financial and other terms will finalised in the definitive agreements, BPCL said.