Coal India to develop solar projects with $760m investment

Nov 24, 2020 01:04 PM ET
  • Coal India (CIL) has actually announced plans to invest Rs56.5 bn ($ 763m) over the following 4 years to develop 14 solar power projects in the nation.

Coal India (CIL) has actually introduced plans to invest Rs56.5 bn ($ 763m) over the next four years to develop 14 solar energy projects in the nation.

Reuters reported that the firm is intending to create rooftop and also ground-mounted solar energy projects, which will certainly have a capacity of 3,000 MW.

Through this investment, CIL strategies to reduce its electrical energy expenses at its mining sites by March 2024.

The company claimed that its joint endeavor (JV) with lignite miner NLC India as well as Coal Lignite Urja Vikas Private will develop 1,000 MW solar energy projects.

CIL claimed: "The solar energy effort aids Coal India reduce its whopping annual power intake expense."

It further included that such prices represented 4.4% of its prices each year.

By 2023/24, the firm aims to generate one billion tonnes of coal yearly.

In 2019-2020, CIL's coal production is said to have actually gone down to almost 603 million tonnes.

Along with the establishment of solar projects, CIL is holding discussions with NTPC to buy 140MW of solar power under the Centre's CPSE system.

Cumulatively, this will certainly amount to little greater than 3,000 MW by FY2024.

CIL has formed a JV with India's electrical power generation business NTPC and went into an arrangement with Solar Energy Corporation of India for solar projects of 1,000 MW each.

In July, Coal India developed a power generation JV with NLC India to create solar and thermal power properties.

The two business accepted establish 3GW of solar power assets as well as 2GW of thermal ability throughout India. Resources told Economic Times that the joint solar investment could be worth $1.6 bn (Rs120bn).

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