Sembcorp Industries, through its wholly-owned subsidiary Sembcorp Green Hydrogen India Private Limited, has signed a joint venture (JV) agreement with Bharat Petroleum Corporation Limited (BPCL).
The JV agreement, which comes after discussions in September 2024, will see both parties exploring renewable energy and green hydrogen projects across India. It will also consider projects in green ammonia production and bunkering, emissions reduction for port operations and other emerging green fuel technologies.
The potential projects will leverage Sembcorp’s renewables experience and BPCL’s expertise in the petroleum sector and infrastructure.
“BPCL's collaboration with Sembcorp marks a significant milestone in our journey towards a sustainable tomorrow. BPCL will leverage its combined aspirations, expertise and resources, to jointly explore the development of innovation-led, best-in-class renewable energy and green hydrogen solutions for supporting India's ambitious climate goals and our own aspiration to achieve net-zero emissions by 2040 in Scope 1 and 2,” says G Krishnakumar, chairman & managing director of BPCL.
“BPCL is committed to building a robust renewable energy portfolio, with a target of 10GW, to meet the energy needs of tomorrow and become a net zero energy company by 2040,” he adds.
"Sembcorp’s collaboration with BPCL seeks to support renewable energy and green hydrogen development in India. With Sembcorp’s renewables expertise and BPCL’s strength in the petroleum sector, we look forward to identifying opportunities to help decarbonise hard-to-abate sectors. Sembcorp is committed to delivering scalable, low-carbon solutions for a sustainable future,” says Vipul Tuli, president & CEO, renewables, west, and CEO, hydrogen business at Sembcorp.
Shares in Sembcorp closed at $6.23 on April 8.
