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

Coal India Ltd, the world largest coal miner, said on Monday it would invest ₹ 5,650 crore by March 2024 to build 14 solar projects to help power its mining operations and cut costs.

The state-run company will fund nearly two-thirds of its plan to construct rooftop and ground-mounted solar power projects with a capacity of 3,000 megawatts (MW) with cash. A joint venture with lignite miner NLC India Ltd would finance the rest of the company’s solar expansion, it said in a statement.

“The solar power initiative helps Coal India Ltd (CIL) reduce its whopping annual power consumption expense,” the company said, adding that such costs accounted for 4.4 per cent of its annual costs.

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