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CIL-NLC JV to spend ₹12,000 crore on solar power assets

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Coal India Ltd. (CIL) and NLC India will collectively develop solar power assets of three,000 MW with a possible funding of about ₹12,000 crore, sources mentioned on Saturday.

The two state-run firms had on Friday mentioned they’d type a JV to develop 5,000 MW of solar and thermal power assets throughout the nation.

“A solar JV is already in process of formation with an initial capital of ₹10 lakh,” the sources mentioned. “Once the company is formed, the respective company boards will decide the final contours of the project. At present, solar capex for each MW is around ₹4 crore,” they added.

The authorities plans to impose 20% primary customs obligation obligation on imported solar panels to increase the home business, the sources mentioned. Solar builders have been largely dependent on Chinese tools.

Separate JV

The thermal power challenge can be taken up by a separate JV after due diligence, they mentioned.

CIL has already put in solar tasks of 4.83-MW capability and these crops are producing about 4.6 million items of renewable vitality yearly, officers mentioned.

Core capabilites

“This JV aims to utilise the core capabilities and infrastructure of CIL and NLCIL for the creation of power assets to harness renewable sources of energy.

“The JV company will ensure sustainable growth and contribute to achieving the ambitious solar power programme of both” companies, Coal India mentioned in a press release.

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