NLC India Ltd, a State-owned coal mining and power generation company, has approved an investment of up to INR 1,630.89 crore in its wholly owned subsidiary, NLC India Renewables Ltd (NIRL), through equity infusion. The amount will be utilized to fund NIRL’s upcoming green energy projects
Additionally, the NLC Board has approved a term loan in Japanese Yen, equivalent to $100 million, through external commercial borrowing from Sumitomo Mitsui Banking Corp. (SMBC). The loan will fund capital expenditure for renewable energy projects to be undertaken by NLC’s subsidiaries and group companies.
NIRL has received a Letter of Award (LoA) from Tamil Nadu Green Energy Corp Ltd (TNGECL) for the development of three standalone battery energy storage system (BESS) projects with an aggregate capacity of 250 MW/500 MWh, with complete two cycles of charging /discharging for on-demand usage.
In addition, NIRL has signed an MoU with MAHAPREIT for development of RE projects in Maharashtra through a JV. It has also secured a power purchase agreement with Rajasthan Rajya Vidyut Utpadan Nigam Limited, RVUNL, for its 810 MW Solar Power project at Pugal Solar Park, Rajasthan
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