Hindustan Petroleum Corporation Limited (HPCL) and Solar Energy Corporation of India Limited (SECI) have signed a Memorandum of Understanding (MoU) to collaboratively work in the field of renewable energy, electric mobility, and alternative fuels including the development of ESG Projects. This is in line with the government's vision of a carbon-neutral economy by 2070.
The MoU was signed by Shuvendu Gupta, Chief General Manager- Biofuels & Renewables, HPCL, and Sanjay Sharma, Executive Director, SECI, on February 24.
The Power Ministry in a press release said that SECI has been at the forefront of RE capacity development and has been credited for bringing the lowest RE tariffs in the country.
"SECI is engaged in the promotion and development of various renewable energy resources, especially solar/wind energy, RE-based storage systems, waste to energy, trading of power, R&D projects as well as RE base products like green hydrogen, green Ammonia, RE powered EV, etc," the press release read.
"In line with the government's objective of RE Capacity development and faster adoption of Electric Mobility in the country, HPCL intends to further diversify in the RE Sector and Electric Mobility sector and to take up the development of ESG projects," it added.
India's renewable energy targets were also reiterated in the Union Budget 2022, which was presented by Finance Minister Nirmala Sitharaman on February 1. The government will launch sovereign green bonds and increase the funding for solar equipment, Sithraman said in her Budget 2022 speech.
She said that the funding under the production-linked investment (PLI) scheme for domestic solar cells and module manufacturing would be increased to Rs 24,000 crore from Rs 4,500 crore, which would help India emerge as an exporting nation.