New Delhi: Coal India (CIL) said on Monday it would establish 14 rooftop and ground-mounted solar projects of 3,000 megawatts (MW) capacity by fiscal year 2023-24 (FY24) with an investment of approximately 5,650 million rupees.
He added that while Rs 3,650 crore would be invested through CIL’s capex until 2023-24, the remainder would be covered through joint venture (JV) models that he intends to apply for this initiative.
CIL has been mandated by the Ministry of Coal to become a zero-income company and the solar energy initiative is part of CIL’s diversification plans.
The company has a joint venture with NLC India called Coal Lignite Urja Vikas Private Limited, which was launched on November 10 this year to develop 1,000 MW solar power projects. It also has a JV with NTPC and an MoU with Solar Energy Corporation of India for solar projects of 1,000 MW each, the progress of which is being worked on individually.
“The solar energy initiative helps CIL reduce its annual energy consumption expenditure, which was around Rs 3.4 billion at the end of FY2020, representing around 4.4 percent of revenue expenditure. of the year. Any savings in the energy bill would also strengthen the results of the company to that extent, “he said in the press release.
He added that CIL would gradually peak up to 1,340 MW in 2023-24, while for fiscal year 23, solar power capacity is projected at 1,293 MW, with a capacity of 220 MW in 2021-22.
“CIL is also in talks with NTPC for the purchase of 140 MW solar energy under the Center’s CPSE scheme. Altogether, it adds up to just over 3,000 MW for fiscal year 24, “he added.
CIL subsidiaries have already identified 1,156 acres of land between them where they would establish 220 MW solar projects by the end of fiscal year 22.
“By 2022-23 and 2023-24, CIL intends to establish solar projects across India subject to power evacuation installations by the central transmission company,” he said.
Solar power generation by CIL and its subsidiaries stood at 4.6 million units in fiscal year 20 and at 4.25 million units in fiscal year 2019, representing a reduction of more than 3,000 tons. of carbon dioxide emissions each year, according to the firm.
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