A top nodal agency of India,Coal India Limited(CIL), has ventured into the solar power value chain and aluminium value chain.
After securing approval from the Ministry of Coal, CIL had in December 2020 received approval from its board to venture into the solar power value chain and aluminum value chain.
In a BSE filing, the coal giant is on record having said that the future of thermal power plant is numbered. Aware that coal mines have limited resources in the time scale, CIL board had approved the creation of a special purpose vehicle (SPV) to set up an integrated solar wafer manufacturing facility to boost the solar value chain.
Now it also plans to set up an integrated aluminum complex — a greenfield project of Central Coalfields Limited (CCL), a CIL subsidiary. The company is also planning to start a new and renewable energy business vertical.
Mercom had earlier reported that the Coal Vision 2030 report, commissioned by Coal India, it was emphasized that solar could soon become the substitute for coal-fired power in the country.
“With the increasing threat of climate change impacting humanity and the global funding focus on renewables, it is a matter of time when the alternate clean energy would displace coal. To complicate matters further, immediate events such as short-term price movements, out of line with the dominant trend since 2008, have given people the ammunition to argue against a wider and over-arching trend,” the report observed.
Since then, the company has been engaged in solar capacity building, including large-scale solar, floating, and rooftop solar.