PSU NEWS
Coal India to set up 3 GW solar power projects worth Rs 5650 crore by 2024
New Delhi: Coal India limited, a public sector utility (PSU) will set up 14 rooftop and ground-mounted solar power projects of 3,000 MW capacity worth Rs 5,650 crore by 2023-24. On November 23 it is said by the companuy that this is the part of its goal to become a net-zero carbon company.
The initiative also helps CIL reduce its annual power bill, which was around Rs 3,400 crore ending FY20, accounting for around 4.4 percent of its yearly revenue expense. “Any saving under the power bill would also bolster the bottom line of the company to that extent,” the PSU said.
There is total of Rs 5,650 crore investment, Rs 3,650 crore is planned from CIL’s capex till 2023-24, while the rest will be funded through joint venture models. CIL is in discussions with NTPC for purchase of 140 MW solar power under the Centre's CPSE scheme. Cumulatively, it adds up to little over 3,000 MW by FY2024.
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