Korba. Coal India Limited, the country's largest coal company, plans to reduce its electricity expenses by using solar power. The company aims to produce three-thousand MW (3 GW) of solar power by the year 2024 and plans to spend five-thousand-six-hundred-fifty-crores.
Coal India Limited (CIL) plans to achieve this target by the year 2023-24. The CIL will install these projects on the ground and fourteen rooftops. The scheme has a budget of five-thousand-six-hundred-fifty-crores, the three-thousand-six-hundred-fifty-crores company will invest from its capital. The remaining two thousand crores will come from companies willing to invest in this scheme under the joint venture (JV) model. As per the release issued by the company, they have entered into a separate agreement with NLC India Limited, NTPC and Solar Energy Corporation of India (SECI) for solar power generation and Coal India. There are also plans to install solar power plants in SECL's coal mines in the district. Reportedly CIL and NLC India Limited have also formed a company called Coal Lignite Energy Development Private Limited for the implementation of the scheme.
By the end of 2020, Coal India's annual expenditure on electricity will amount to 4.4 per cent of the company's total revenue expenditure. The production of solar energy by the company will reduce its electricity expenditure. After the use of power as per demand, the company will sell the excess electricity.
The company has already started generating solar power in many plants. 4.25 million units of electricity were produced in 2019 and 4.6 million units of electricity in 2020, reducing carbon dioxide emissions by about three-thousand tonnes each year. One million units of solar power can reduce about seven-hundred tons of carbon dioxide emissions.