NLC India Limited (NLCIL), Neyveli, and Coal India Limited (CIL), Kolkata, have inked a memorandum of understanding (MoU) to form a joint venture company for setting up solar power projects of 3,000 MW and thermal power projects of 2,000 MW.
The MoU, signed at CIL headquarters in Kolkata, also covers 2,000 MW of thermal power generation across CIL’s subsidiaries.
Solar power projects will be set up in identified barren land and reclaimed free land of CIL and also across the country where land is available. They require around 15,000 acres. The estimated cost for CIL’s solar power generation is pegged at ₹12,000 crore.
Nathella Naga Maheswar Rao, director (planning & projects), NLCIL and Binay Dayal, director (Tech.), CIL, signed the MoU in the presence of Rakesh Kumar, chairman-cum-managing director, NLCIL and Anil Kumar Jha, chairman, CIL. All the functional directors of CIL were present on the occasion. The directors of NLCIL and senior officials were also part of the event through videoconferencing.
The CIL is tasked to become a net zero-energy company, a move that requires the company to generate 3,000 MW of solar power.
The joint venture is based on equity participation of 50:50 and has a time line of 15 months for the completion of solar power projects and 60 months for thermal power projects.
