CIL floats two new subsidiaries to pursue different vitality initiatives


A CIL government mentioned the PPA is for a tenure of 25 years with a stipulation that the facility generated needs to be equipped to GUVNL inside 18 months from the date of signing the deal. The PPA was signed on Thursday.

PSU miner Coal India (CIL) has added two extra 100% subsidiary firms to its fold — CIL Navikarniya Urja and CIL Photo voltaic PV — to pursue its clear vitality initiatives. It has additionally signed an influence buy settlement (PPA) with Gujarat Urja Vikas Nigam (GUVNL) on the market of solar energy from its upcoming 100 MW solar energy plant in Gujarat.

The brand new subsidiaries, each West Bengal-based, will perform as particular function autos to hold out the coal miner’s inexperienced ventures, with the primary venture being the solar energy plant received within the GUVNL-conducted reverse public sale.

This takes CIL’s whole variety of subsidiaries to 10, at a time when the federal government is reportedly planning to spin off CIL subsidiaries into impartial coal producing firms. CIL CMD Pramod Agarwal instructed FE, nonetheless, that the corporate doesn’t have any details about the federal government’s plans.

A CIL government mentioned the PPA is for a tenure of 25 years with a stipulation that the facility generated needs to be equipped to GUVNL inside 18 months from the date of signing the deal. The PPA was signed on Thursday.

The corporate will execute the Rs 442-crore venture by way of a photo voltaic EPC contractor, and a young issued to finalise the contractor is at a sophisticated stage. The venture can be executed inside one 12 months from the date of placement of the work order, the CIL government mentioned. “We really feel upbeat that we might win in our first ever aggressive bidding in a photo voltaic public sale. We are going to aggressively take part in additional such auctions,” the chief mentioned.

Solar energy era lists excessive on CIL’s diversification portfolio as there are plans to roll out 3,000 MW of solar energy era by 2024 entailing funding of round `13,500 crore. The solar energy initiatives can be funded by way of the corporate’s inner sources, financial institution loans and SPVs. The corporate is creating essential in-house experience and has created a staff of competent officers for its photo voltaic initiatives.

“Photo voltaic will substitute coal as a key vitality supplier in future and we’re laying the groundwork to stay related within the nation’s vitality sector. We plan to enterprise into solar energy era in an enormous method,” the chief mentioned.

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