Coal India inks MoU with RVUNL for 1190 MW solar project

Giving a boost to its solar power initiative Coal India Limited (CIL) on Thursday signed a memorandum of understanding (MoU), for setting up 1,190 MW solar power project, with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), the power generator of Rajasthan state.

This is CIL's first of its kind MoU for a solar power project with any state government.

Aimed at an estimated cost of approximately Rs.8,000 crores, CIL's solar power project is slated to come up in RVUNL's 2,000 MW solar power park at Bikaner, in a phased manner, in the sunny state of Rajasthan.

The solar park is approved under Ministry of New and Renewable Energy's scheme of Ultra Mega Renewable Energy Power Parks.

The pact was inked by Dr. B Veera Reddy, Director Technical (CIL) and Mr. Rajesh Kumar Sharma, CMD, RVUNL in Jaipur. Present during the formal signing event were Shri Pralhad Joshi, Hon'ble Minister of Coal, Mines and Parliamentary Affairs, Shri Ashok Gehlot, Hon'ble Chief Minister, Rajasthan, Smt. Usha Sharma, Chief Secretary, government of Rajasthan and Mr. Pramod Agrawal, Chairman, (CIL).

While the Rajasthan government would ensure handing over the possession of encumbrance and encroachment free land to CIL, the coal behemoth would set up the solar project on the allocated land. The aim is to kick start the solar project in 24 months.

This is CIL's biggest ever solar power project planned till date almost 40% of its ambitious plan of establishing 3,000 MW capacity solar projects by FY 2023-24 under its net zero energy initiative.

The final implementation and investment plans would be worked out as the project progresses in phased manner. Grid connectivity would be facilitated by RVUNL.

CIL has awarded 265 MW of solar power projects so far with 35 MW more to be concluded by the month end which would make a total of 300 MW. The company has drawn up a target of adding 1200 MW more in the ensuing financial year 2023-24.

Shares of Coal India Limited was last trading in BSE at Rs. 236.30 as compared to the previous close of Rs. 234.65. The total number of shares traded during the day was 372142 in over 6665 trades.

The stock hit an intraday high of Rs. 238.40 and intraday low of 235.40. The net turnover during the day was Rs. 88071481.00.

Source : Equity Bulls

Keywords

CoalIndia INE522F01014 MoU SolarPowerProject Rajasthan