KOLKATA: Coming into the limelight with its yet another innovative move, the Coal India- a state owned organization had decided to invest an estimated Rs.6000 crore to construct solar power units in the country. Sources said that organization is planning to construct solar power units with an estimated output of 1000 MW, over the next five years.
Coal India said that it would be funding the project mostly through debts.
“The organization will fund 70% of the solar power project through debts from various commercial banks and the remaining will be adjusted internally. The required lands for the project will be given by the State governments,” a senior executive from Coal India said.
“In the initial stage, the organization will set up a solar unit with 200MW output capacity. The expansion of the project will be done as per the detailed plannings laid for the construction of the project”, he added.
The organization also said that it looking into the possibilities of using floating solar panels over the water bodies to produce power.
“When a coal mine is closed down, water bodies are formed in that specific area. There are many such water bodies in the mines under our control. We look forward to set up floating solar panels over these water bodies to generate power. This is a developing technology and the organization is in favor of it”, Coal India said.
Coal India is currently working out the possibilities of using floating solar panels for power generation and if everything goes well, the project may soon come into a reality. According to the estimates, it costs around Rs.4-5 crores to produce 1MW of power using floating solar panels, the Economic Times reported.
This would be the first time after several years that coal India will be funding a project through debts. Previously, it has successfully paid back a debt of $1 billion from the World bank.