CIL plans to invest Rs 3,850 crore through CAPEX, while by 20-23-27, the rest will be completed through the joint venture model that the company intends to undertake for the initiative.
New Delhi (Natural Energy News): State-owned Coal India on Monday said it planned to set up 14 rooftop and ground-mounted solar power projects of 3,000 MW capacity by 2023-24, with an investment of Rs 5,650 crore. Coal India (CIL) is mandated by the Ministry of Coal to become a pure zero-carbon company. The solar power initiative is a part of CIL's diversification plans, the PSU said in a filing to BSE.
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He said the potential investment would be around Rs 5,650 crore.
CIL plans to invest through CAPEX by 2023-24, while the rest will be completed through the joint venture model the company intends to undertake for the initiative.
Strengthening its efforts, CIL and NLC India Limited have set up a joint venture unit 'Coal Lignite Urja Vikas Private Limited' to develop 1,000 MW solar power projects.
CIL has entered into an agreement with NTPC for a JV and Solar Energy Corporation of India for 1,000 MW solar projects, which are being worked on individually in progress.
Additionally, the solar power initiative helps CIL to reduce its annual electricity consumption expenditure, which was around Rs 3,400 crore by FY 2020, which is about 4.4% of the revenue expenditure for the year. Is the percentage. Any savings under the electricity bill will also increase the company's bottom line to that extent.
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Starting with a modest 10 MW solar capacity during the current financial year, CIL will gradually increase to 1,340 MW in 2023-24.
For FY2023, solar power capacity is targeted to be increased to 1,293 MW, with 220 MW capacity coming in 2021-22.
Apart from setting up solar projects, CIL is in discussions with NTPC Limited for purchase of 140 MW of solar power under the Central Government's CPSE scheme. Cumulatively, this rises to more than 3,000 MW by FY 2017.
CIL's subsidiaries have already identified 1,156 acres of land between them where they will install 220 MW of solar projects by the end of FY 2022.
For 2022-23 and 2023-24, CIL is set to install solar projects on a Pan India basis subject to power withdrawal facility by the central transmission utility.
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Solar power generation has already been started by CIL and its subsidiaries, which produced 4.6 million units in 2019-20 and 4.25 million units in 2018-19.
"It reduces carbon dioxide emissions by 3,000 tonnes each year. One million units of solar power generation reduce CO2 emissions by a little over 700 tonnes," he said.
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