Indian fossil fuel incumbents launch multi-GW solar initiative

Facebook
Twitter
LinkedIn
Reddit
Email
Image: Coal India.

Two of India’s state-owned fossil fuel companies have launched a joint venture to develop solar PV assets in the country.

Coal mining and refinery firm Coal India is to partner with lignite and thermal power company NLC India are to develop solar PV and thermal power assets throughout the country, a note to India’s national stock exchange issued on Friday said.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The JV will be owned equally by Coal India and NLC, with each company nominating three directors to the as-yet-unnamed company’s board.

Coal India celebrated the signing of a Memorandum of Understanding on Twitter.

While no further details have been forthcoming from either company, local reports suggest the joint venture will receive an investment of INR120 billion (US$1.6 billion) to bring forward roughly 3GW of additional solar capacity.

Although NLC’s generation portfolio primarily comprises coal and lignite-fired plants, it does have more than 1.3GW of solar PV output in the country. Its website currently states it has an additional 2,651MW of solar capacity in its pipeline, however it is unclear as to whether this includes any prospective capacity additions from Friday’s announcement.

The announcement follows considerable activity in the Indian solar market, not least of all renewed discussion around the country’s intent to stimulate a domestic solar manufacturing through the implementation of punitive tariffs on components imported from China.

Late last week two existing domestic manufacturers said however the duties – planned to increase to 40% in some cases next year – do not go far enough, instead suggesting duties of at least 50% would be required to enable homegrown manufacturers to compete.  

Read Next

May 30, 2025
Waaree Solar Americas – a subsidiary of Indian solar manufacturer Waaree Energies – has signed a 586MW solar module supply agreement with an undisclosed independent power producer (IPP).
May 29, 2025
Singapore-based engineering firm Sembcorp has received a letter of award from Indian public sector power company SJVN for 150MW of solar power and a 300MWh battery energy storage system (BESS).
Premium
May 29, 2025
PV Talk: Global Solar Council CEO Sonia Dunlop tells Shreeyashi Ojha why the solar industry needs collective action to combat political and supply-chain disruption.
May 28, 2025
The expansion is 100% compliant with the Indian government's requirement of Bureau of Indian Standards (BIS).
May 27, 2025
India has shipped 12.5GW of module capacity in the first quarter of 2025, according to data from energy consultancy JMK Research.
May 20, 2025
Solar PV additions have slowed down in the first quarter of 2025 in India, with 6.7GW, according to a report from Mercom India Research.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
June 17, 2025
Napa, USA
Upcoming Webinars
June 30, 2025
10am PST / 6pm BST
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 1, 2025
London, UK
Solar Media Events
July 8, 2025
Asia