By 2024, Coal India will spend nearly $800 million to develop solar energy

Coal Corporation of India (CIL) announced it will invest 56.
5 billion rupees (about $763 million) to develop 14 solar projects by March 2024 to power its mining operations
, Reuters reported.

According to the report, the state-owned company will fund
nearly two-thirds of the total capacity of 3GW rooftop and ground-mounted solar projects.
The company will form a joint venture with NLC India and fund
the rest of its solar expansion plans.

The company plans to cut its energy costs, which account for 4.
4 percent
of its total annual costs.
"The solar program will help the company reduce its huge energy bill,"
the company said.
”

According to Reuters, the company has also signed a joint venture agreement
with NTPC, India's national power group.
It also signed an agreement
with the Solar Energy Corporation of India for a 1 GW solar project.

Coal India added: "Apart from setting up solar projects, the company is in discussions with the State Power Corporation of India to purchase 140 MW of solar power capacity
.
”

Previously, the coal giant has signed a memorandum of understanding with NLC India to form a joint venture to jointly produce 3 GW of solar power and 2 GW of thermal power projects
.

In November last year, Coal India issued a letter of intent to set up a 100 MW solar pilot project in Chhattisgarh for its own use, helping it meet the solar targets
set by the government.

Previously, in the Coal India Corporation's Coal Vision 2030 report, it was highlighted that solar energy will soon become an alternative to coal-fired power generation in the country
.
The report highlights the uncertainty of the future of coal in India, "With climate change as a growing threat to humanity and global funding for renewable energy, it has become a matter of
time before clean energy replaces coal.
" ”