NLC establishes green energy joint venture with Assam Discom

NLC India Ltd (formerly Neyveli Lignite Corp. Ltd) plans to invest Rs 10 billion ($125 million) in a green energy joint venture it forms with Assam Power Development Co. Ltd. (APDCL).

The investment proposal has already been submitted to the Union government, with the JV setting up an initial solar capacity of 1 gigaton (GW) in Assam for around 5,500 crore. These solar projects are expected to cost Rs 55 million per megawatt (MW) and will be built in phases in India, with 200 MW added per year.

NLC will finance this equity with internal accruals. Last year, NLC signed an MoU with APDCL with plans for green energy projects, including hydropower projects.

Attracted by India's green energy trajectory, traditional state-run miners are putting the finishing touches on clean energy plans, such as Coal India Ltd (CIL), which plans to invest around Rs 150 billion in solar power generation capacity by 2024.

India has 167 GW of installed renewable energy capacity, with the country's electricity demand increasing relative to current per capita electricity consumption of around 1255 kilowatt-hours (kWh). India's electricity demand is expected to increase by 9.5% in the current fiscal year, with peak electricity demand rising by 6.82%.

India met a record high electricity demand of 211.6 GW in June 2022, with 225 GW expected during the upcoming summer season. To expand, NLC Neyveli has established Uttar Pradesh Power Ltd (NUPPL), NLC TamilNadu Power Ltd (NTPL), MNH Shakti Ltd and Coal Lignite Urja Vikas Pvt. Ltd. (CLUVPL).

NLC currently has 1,421 GW of clean energy capacity and 660 MW in the pipeline.

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