Coal India has been told to become a zero carbon company. Source: Vkramdeep Sidhu
Two of India’s coal giants will develop 3GW of solar in the country through a new joint venture company.
NLC India and Coal India will invest around US$1.6 billion to install the new capacity within the next 15 months. The new JV will be split 50:50 between the two parties.
Coal India has been set a mandate by the government to become zero carbon. Curiously the agreement also includes the construction of 2GW of thermal power assets.
The solar farms will, as much as possible, be built on existing barren land owned by Coal India.
"This is a synergistic step, combining the resources of both the companies for a common goal. CIL will be riding the core technical expertise of NLCIL in thermal power generation and Solar PV Power," an unnamed Coal India official was quoted as saying in a statement released to the Bombay Stock Exchange.
The PV IndiaTech 2020 conference will continue to bring together all key domestic and overseas stakeholders, including government bodies, investors, and the leading companies today from manufacturing to O&M and asset management. To thrive globally as a major PV power beyond 2020, India has to succeed in unlocking its potential both to manufacture and to lay claim to quality utility-scale solar farms that are providing high returns on investment to site owners.