Coal India Diversifies Into Solar Energy Generation, Signs Its First Power Purchase Agreement
Solar panels.
In its maiden venture into solar power, the worldâs largest coal-producing company Coal India Limited on Friday (23 April) signed its first power purchase agreement with Gujarat Urja Vikas Nigam Limited (GUVNL) for the sale of 100 MW solar power.
Coal India plans to invest nearly Rs 13,500 crore in solar power projects. The company has rolled out a plan for 3,000 MW of solar power generation by 2024.
Solar power generation stands a priority for the company as it looks at diversification. To accelerate its diversification with entry into production of renewable energy, Coal India added two fully owned subsidiaries to function as SPVs, reports