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Coal India To Invest Rs 5,650 Crore Over 4 Years In Solar To Cut Costs

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Coal India Ltd, the world largest coal miner, stated on Monday it could make investments Rs 5,650 crore by March 2024 to construct 14 photo voltaic tasks to assist energy its mining operations and reduce prices.

The state-run firm will fund almost two-thirds of its plan to assemble rooftop and ground-mounted solar energy tasks with a capability of three,000 megawatts (MW) with money.

A three way partnership with lignite miner NLC India Ltd would finance the remainder of the corporate’s photo voltaic enlargement, it stated in an announcement.

“The solar power initiative helps Coal India Ltd (CIL) reduce its whopping annual power consumption expense,” the corporate stated, including that such prices accounted for 4.4 per cent of its annual prices.

Coal India plans to supply 1 billion tonnes of coal a yr by 2023/24. The miner’s output fell for the primary time in additional than twenty years in 2019/20 to just about 603 million tonnes.

Separately, the miner has arrange a three way partnership with NTPC Ltd, India’s largest electrical energy generator, and signed an settlement with Solar Energy Corporation of India for photo voltaic tasks of 1,000 MW every, it stated.

“Besides establishing solar projects, CIL is in discussions with NTPC Limited for purchase of 140 MW solar power,” Coal India stated.



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