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Indian coal mining groups NLC India Ltd (BOM:513683) and Coal India (BOM:533278) have set up a joint venture (JV) aiming to add 5 GW of solar and thermal power capacity.
Each of the two state-owned companies will hold a 50% stake in the joint entity. The assets it will develop will be located across India, NLC India said in a bourse filing on Friday.
"This JV company marks a new era in the power sector, with synergy and expertise of two central public sector undertakings under the Ministry of Coal," the coal miner said.
According to a report by the Press Trust of India (PTI), which quoted unnamed sources, the solar photovoltaic (PV) goal of the initiative will be 3 GW, which will entail an investment of INR 120 billion (USD 1.6bn/EUR 1.4bn). The solar capex for each megawatt is set at around INR 40 million.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.