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Coal India Expands Solar Portfolio with ₹1,209 Crore Investment

Updated on: Dec 18, 2024, 1:42 PM IST
CIL has invested ₹1,209 crore in 661 MW solar projects, aiming for 3,000 MW capacity by FY28. Other PSUs like SCCL and NLC India also made major investments.
Coal India Expands Solar Portfolio with ₹1,209 Crore Investment
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State-owned Coal India Limited (CIL) has invested ₹1,209 crore in ground-mounted solar power projects with a total capacity of 661 MW.

This initiative is part of its broader plan to achieve 3,000 MW solar capacity by FY 2028. The roadmap includes 211.59 MW in FY25, 697.85 MW in FY 2026, 1,235 MW in FY 2027, and 785 MW in FY 2028.

To ensure timely execution, CIL has stationed engineers at project sites to monitor activities, coordinate with statutory authorities, and expedite approvals.

Contributions by Other PSUs in Solar Projects

In addition to CIL, other public sector undertakings (PSUs) have significantly invested in solar energy. Singareni Collieries Company Limited (SCCL) has spent ₹1,182.60 crore on its solar projects, while NLC India Limited has invested a substantial ₹6,723.59 crore.

These efforts align with India’s renewable energy goals and contribute to diversifying the country’s energy mix. Notably, CIL, which produces over 80% of India’s domestic coal, is making strides to transition into sustainable energy while maintaining its core operations.

The shift toward solar energy underscores the PSUs’ commitment to supporting India’s renewable energy targets and reducing dependency on coal-based energy production.

On December 17, 2024, Coal India share price opened at ₹410.45, touching the day’s low at ₹407.60, as of 9:37 AM on the NSE.

About Coal India 

Coal India Ltd is primarily involved in the mining and production of coal and operates coal washeries. The main consumers of the company are the power and steel sectors. Consumers from other sectors include fertilisers, cement, brick kilns etc.

 

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.

Published on: Dec 17, 2024, 9:57 AM IST

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