In an MoU signed on October 8, NLC India Limited (NLCIL) and Coal India Limited (CIL) said they would install 3 GW of solar projects and 2 GW of thermal power projects in India. At the time, the companies would not divulge any more details to pv magazine India.
According to a new press release on CIL’s website, however, the Ministry of Coal has tasked CIL with becoming a net zero energy company, “a move which entails the company to generate 3,000 MW of solar power,” it said.
According to the statement, projects will be installed on “barren and reclaimed free land” owned by CIL, in addition to other suitable sites across the country. CIL has said around 15,000 acres will be required to install the 3 GW, while an investment of Rs. 12,000 Crores is anticipated.
Overall, the JV has 15 months to execute its solar plans and 60 months to install the thermal power systems. “The projects will be financed through debt equity ratio of 70:30 as per the CERC norms. A concept paper has been initiated by both the companies to get clearance from their respective boards,” continued the statement.
No other details were available.