World’s largest coal mining company, Coal India Ltd headquartered in Kolkata, West Bengal, has planned to install 20 GW of solar PV projects across India over the next 10 years, the Live Mint has reported.
This is a big announcement, thanks to India’s renewable push, visible in its unprecedented growth and the country’s aim to add it to its energy mix.
It is estimated that at a per MW cost of around INR 45 million, Coal India will require an investment of around INR 900 billion ($13.8 billion) to set up this capacity.
“If you look beyond 2050, one priority is to reach over to renewable energy,” said Coal India Chairman and MD, Gopal Singh, to the local newspaper. Adding to that the miner has the 40,000 hectares of land required to set up such a large solar capacity.
India is determined to follow Paris agreement in reducing its carbon emissions and is aggressively working on energy policies, along with its ambitious target of 175 GW renewables by 2022.