State-run Hindustan Petroleum Corporation Ltd (HPCL) plans to invest up to INR 50,000 crore in building a renewable energy portfolio of 10 GW from the present 208 MW, a senior official told ET.

For this purpose, HPCL has set up a wholly owned subsidiary - HPCL Renewable and Green Energy Ltd (HPRGE). The subsidiary will consolidate all green and emerging business opportunities under one umbrella and invest and manage businesses across the green energy chain including biofuels, renewables, green hydrogen, carbon offsets, green mobility and alternative energy businesses.

"To reach a 10 gigawatt portfolio across our renewable energy business, we plan to invest around INR 50,000 crore by 2030. We have been tasked with greening all operations of HPCL" said Mohit Dhawan, CEO of HPRGE, adding that in 2025-26, the company will achieve 1 GW capacity.

HPRGE is setting up solar power plants at Jhansi in Uttar Pradesh (5 MW) and Panipat in Haryana (6 MW) while further opportunities in green energy business are being explored through various initiatives, the company said.

"Primarily for our refineries and marketing institutions, we need green hydrogen and for that we require a large amount of green energy. We have three refineries. We have to provide captive green hydrogen to three refineries," Dhawan said.

HPRGE is also building a biofuel portfolio through first generation and second generation ethanol plants and compressed biogas plants.

In 2023-24, HPCL added 1,773 EV charging facilities, including battery swapping stations, bringing the total to 3,603 retail outlets with EV charging facilities, according to the company's latest annual report.