Integrated lignite mining-cum-power generation company NLC India Ltd and Coal India Ltd have plans to get into 3,000 MW of solar power generation, a top NLC India official said.
The two state-run companies formed a joint venture company Coal Lignite Urja Vikash Private Ltd. The company will be bidding for about 3,000 MW of Solar Project with the estimated investment of about Rs. 12,000 Cr. informed the sources.
Coal Lignite Urja is a 50:50 joint venture company and NLC India has already invested Rs 1 lakh as its share of equity, said the NLC Chairman-cum-Managing Director Rakesh Kumar. “As per plans the debt-equity ratio will be 70:30,” Kumar said.
Coal India Ltd has already installed solar projects of 4.83-MW capacity and these plants are generating around 4.6 million units of renewable energy annually, officials said. “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 thermal power project will be taken up by a separate JV after due diligence, they said.
“The JV company will ensure sustainable growth and contribute to achieving the ambitious solar power programme of both companies,” Coal India said in a statement.