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Coal India To Invest Over $760 Million Over Four Years In Solar Projects To Cut Costs:Report

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  • Coal India said that that it will nearly two-thirds of its plan to construct rooftop and ground-mounted solar power projects with a capacity of 3,000 megawatts (MW) with cash
  • A joint venture with lignite miner NLC India Ltd would finance the rest of the company’s solar expansion

As per a report by Reuters, Coal India Ltd said that it will invest 56.50 billion rupees ($763 million) by March 2024 to build 14 solar projects to help power its mining operations and cut costs. The report added that Coal India said that that it will nearly two-thirds of its plan to construct rooftop and ground-mounted solar power projects with a capacity of 3,000 megawatts (MW) with cash. It added in a statement that the a joint venture with lignite miner NLC India Ltd would finance the rest of the company’s solar expansion.

Joint venture with NTPC

The report added that the company said that the solar power initiative helps Coal India Ltd (CIL) reduce its  annual power consumption expense. It added that such costs accounted for 4.4 per cent of its annual costs. Coal India plans to produce 1 billion tonnes of coal a year by 2023/24.

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Separately, it has set up a joint venture with NTPC Ltd. It has also signed an agreement with Solar Energy Corporation of India for solar projects of 1,000 MW each added the company. It also said that besides establishing solar projects, CIL is in discussions with NTPC Limited for purchase of 140 MW solar power.

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