India's State-owned oil company Bharat Petroleum has approved raising up to 180 billion rupees ($2.19 billion) through an issue of equity shares as part of the government's push into green energy. The Indian government plans to inject billions of dollars into Bharat Petroleum and its state-owned peers, Indian Oil Corp. and Hindustan Petroleum Corp. Ltd. to help fund their energy transition projects. The three refiners plan to invest 3.5 trillion rupees to 4 trillion rupees to achieve their net-zero emissions goals by 2040. The government has pledged to invest $350 billion rupee s($4.3B) in clean energy projects in the current year. Bharat Petroleum is India's third-biggest refiner and the second-largest fuel retailer with a 21% slice of the market.
India's private sector is also investing heavily in clean energy projects.
A week ago, a venture group backed by India's second-largest solar energy company, Vikram Solar, will invest up to $1.5 billion in the U.S. solar energy supply chain, with the first investments going to a factory in Colorado next year, according to an exclusive Reuters report.
The $250 million Colorado facility will be capable of producing 2 gigawatts (GW) of modules a year initially and double the capacity over time and will also create more than 900 jobs.
Newly formed VSK Energy LLC will leverage India's extensive solar manufacturing know-how in the U.S. push to build a clean energy manufacturing sector that can compete with China. Vikram Solar Limited is one of the largest solar module manufacturers in India with 3.5 GW module manufacturing capacity annually.
"It's a great thing for us to be bringing an Indian company to the table here. You've seen a number of Indian companies get into the manufacturing space and do quite well, and Vikram is the best of them,"Sriram Das, managing director at Das & Co and chairman of the joint venture, told Reuters.
By Alex Kimani for Oilprice.com
Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com. More
U.S. Power and NatGas Prices Plummet to Below Zero
Ukrainian Drones Hit Major Rosneft Refinery in Russia
First Niger Oil Bound for China Blocked in West Africa Border Row
Gas Prices Likely to Keep Falling Ahead of Peak Driving Season
Drone Attacks Take Khor Mor Gas Field Offline, Claims Lives