Coal India and NLC India to develop 3 GW solar power projects
Post date: 09/10/2018 - 20:10
Global largest coal mining company Coal India Ltd. (CIL) and NLC India Limited (NLCIL), formerly Neyveli Lignite Corp. Ltd., have inked a Memorandum of Understanding to establish a joint venture (JV) to develop solar power plants with a capacity of 3,000 MW. Solar power projects will be set up in identified barren and reclaimed free land of CIL and also across the country where land is available, requiring around 15,000 acres. The estimated cost for CIL’s solar power generation is pegged at INR 120 billion ($1,6 billion).
CIL is tasked by the Indian Ministry of Coal to become a net zero energy company; on the other hand, the MoU includes the extension of thermal power generation across CIL’s subsidiaries by additional 2,000 MW. The JV company to come up on equal equity participation of 50:50 has a time line of 15 months for completion of solar power projects and 60-month period for TPPs.