Rs 1,600 crore project: This PSU company to set up a renewable power plant this year!

The stock gave 14.50 per cent in 6 months, down by 10.98 per cent in 1 year and since November 1, 1996, till date, the stock generated over 1,300 per cent return. 

State-run Bharat Petroleum Corporation Limited (BPCL) is planning to set up 240-MW of renewable power capacity at the cost of Rs 1,600 crore this fiscal year 2023-2024. 

Sukhmal Jain, marketing director of BPCL said, "We will soon be setting up solar power and wind power facilities. We have plans to set up 240 MW of solar and wind energy farms in Uttar Pradesh, Madhya Pradesh and Maharashtra at an estimated cost of Rs 1,600 crore." 

Mr Jain also said, “BPCL is exploring organic opportunities as well as planning to bid for industry tenders going forward. We undertook multiple solar projects of smaller sizes to gain experience. We are now confident to take up bigger projects and shall be participating in renewable energy tenders in the future." 

Approximately 50 MW solar projects are already under construction at BPCL's facilities. The company is targeting a captive requirement for its refineries first, which is approximately 350 MW. 

Jain added that BPCL is exploring organic opportunities as well as planning to bid for industry tenders going forward. 

BPCL has committed to offsetting emissions from refining operations and from. the energy it uses by 2040. It thus scaling up its renewable energy portfolio from less than 50 MW as of today and 1 gigawatt by 2025 and 10 gigawatts by 2040. 

The company signed a memorandum of understanding (MoU) with The Government of Rajasthan for setting up the renewable energy power plant. In December 2021, BPCL tied up with the Solar Energy Corporation of India, to build lo GW of renewable capacity by 2040. 

Bharat Petroleum Corporation is a public sector company which is engaged in the business of refining crude oil and marketing petroleum products. 

Talking about the financials, this PSU company has a market cap of Rs 72,000 crore. In the Quarterly Results and annual results, the company reported positive numbers. 

The stock gave 14.50 per cent in 6 months, down by 10.98 per cent in 1 year and since November 1, 1996, till date, the stock generated over 1,300 per cent return. 

At the closing bell, shares of BPCL ended the day higher, up 2.27 per cent to Rs 341.95 per share with an intraday high of Rs 343.15 and an intraday day low of Rs 333.55. 

Investors should keep an eye on this multibagger Large-Cap stock.