India's well-known company Coal India Limited (CIL) and NLC India will jointly create three thousand MW of solar power assets with an investment of about 12 thousand crore rupees. The sources gave information about this on Saturday. The two government companies said on Friday that they would set up a joint venture (JV) to set up 5 thousand MW solar and thermal power projects in the country.
In its statement, it told that a solar JV is already in the process of formation with an initial capital of Rs 10 lakh. Once the company is formed, the board of directors of the company concerned will decide the final outline of the project. Right now about four crore rupees are spent for every one MW of solar power capacity. Sources said that the government has planned to impose 20% basic customs duty on imported solar panels to give a boost to the domestic industry. Solar power developers have been largely dependent on China's equipment.
In its statement, it further states that the thermal energy project will be developed through a separate joint venture. Officials said that Coal India has already set up 4.83 MW solar power projects and these plants are producing about 46 lakh units of renewable energy.
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