Hindustan Petroleum Corp. Ltd (HPCL), a government-owned oil and natural gas company, plans a capex of around INR 75,000 crore over the next five years with around 25 to 30% earmarked for the renewables and the gas segment. To reduce its carbon footprint, the company targets to increase its renewable energy generation portfolio to 2.4 GW in 2027-28 from 184 MW as of 2022-23. Further, it targets 16,870 tpa green hydrogen production capacity by 2027-28, from 3.5 tpa in 2022-23.
Green hydrogen plants/capacities under execution or planning include 12,200 tpa and another 370 tpa at Visakh Refinery and 4,300 tpa at Rajasthan Refinery.
HPCL’s current solar capacity is primarily for its own consumption, partially meeting the electricity requirement of its marketing locations and retail outlets. To increase its renewables portfolio, it is exploring participation in the tariff bidding process for the allotment of wind and solar plants.
HPCL is advancing on its plan to form a wholly-owned subsidiary for consolidation of ‘green & emerging business’ opportunities under one umbrella.
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