HPCL, SECI signs MoU for RE objectives and Carbon-neutral economy

A Memorandum of Understanding (MoU) between Hindustan Petroleum Corporation Limited (HPCL) and Solar Energy Corporation of India Limited (SECI) was signed on February 24, 2022, in New Delhi to realise green energy objectives and the Government of India's efforts towards a carbon-neutral economy.

Sh Shuvendu Gupta, HPCL's Chief General Manager for Biofuels and Renewables, and Sh. Sanjay Sharma, SECI's Executive Director, signed the MoU. The Memorandum of Understanding envisions cooperation and collaboration in the fields of renewable energy, electric mobility, and alternative fuels, as well as the development of Environmental, social, and governance (ESG) Projects.

SECI has been at the forefront of renewable energy (RE) capacity development and is credited with bringing the country's lowest RE tariffs.

SECI promotes and develops a variety of renewable energy resources, including solar and wind energy, RE-based storage systems, waste to energy, power trading, Research and development projects (R&D), and RE base products such as green hydrogen, green ammonia, and RE-powered electric vehicles (EVs), among others.

HPCL plans to diversify further in the RE and Electric Mobility sectors, as well as pursue the development of ESG projects, to meet the Government of India's goal of increasing RE capacity and accelerating the adoption of electric mobility in the country.

Hindustan Petroleum Corporation Limited is a subsidiary of Oil and Natural Gas Corporation (ONGC), which is owned by the Ministry of Petroleum and Natural Gas (MoP&NG) and has its headquarters in Mumbai, Maharashtra.

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