Two of India’s coal giants will develop 3GW of solar in the country through a new joint venture company. NLC India and Coal India will invest around US$1.6 billion to install the new capacity within the next 15 months. The new JV will be split 50:50 between the two parties. Coal India has been set a mandate by the government to become zero carbon. Curiously the agreement also includes the construction of 2GW of thermal power assets. The solar farms will, as much as possible, be built on existing barren land owned by Coal India.
“This is a synergistic step, combining the resources of both the companies for a common goal. CIL will be riding the core technical expertise of NLCIL in thermal power generation and Solar PV Power,” an unnamed Coal India official was quoted as saying in a statement released to the Bombay Stock Exchange.