Coal India Signs 200 MW Solar Agreement
Originally published on Clean Techies.
The world’s largest coal mining company, Coal India Limited, has announced a major step towards implementation of its ambitious solar power goals.
According to a communication made by Coal India Limited to the Bombay Stock Exchange, the company has signed agreements with the Solar Energy Corporation of India for the implementation of 200 MW of solar projects in the state of Madhya Pradesh. While the details have not yet been revealed, as part of the agreement, SECI will likely call for bids and allocated projects on behalf of Coal India.
As per the disclosure, power generated from the projects will be acquired by two subsidiaries of Coal India Limited, Northern Coalfields Limited and South Eastern Coalfields Limited. Coal India has estimated that the projects will entail a cost of Rs 650 crore (US$97 million) each. However, the Central Electricity Regulatory Commission recently determined the cost of solar PV projects as Rs 5.30 crore/MW (US$7.9 million/MW).
Coal India has set a target to install 1 GW of solar capacity across India and will invest Rs 7,000 crore (US$1 billion) to achieve that goal. The goal was the result of a directive by the central government to all major public sector companies to take up solar energy targets.
Another coal mining company in India, Neyveli Lignite Corporation, has also set ambitious solar targets. The company plans to set up 4 GW of solar projects across various states including Tamil Nadu, Karnataka, Kerala, Telangana, and Rajasthan.
Featured image by vectoropenstock.com
Reprinted with permission.
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