Coal India’s 1,000-Mw solar project may help it save 30% power costs

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State-owned miner Coal India has embarked on a project to generate 1,000 megawatts of solar energy to save 30 per cent of its power and fuel expenses.Coal India paid a Rs 2,347-crore power bill in 2014-15 and another Rs 1,860 crore during April-December 2015. Coal India’s power costs have risen seven per cent during the first three quarters of the current financial year in comparison to the year-ago period.Under the present cost structure, once completed, the solar power project is likely to help save Coal India at least Rs 750 crore a year.Further, through a recent viability-gap funding scheme, a one-time grant of Rs 1 crore per megawatt (Mw) of solar power will be provided for this project by the Centre.

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