Indian Coal Producer To Invest $80 Million in Solar, Wind Energy Projects
Neyveli Lignite Corporation (NLC), a big coal producer and power generator located in Southern India, has announced that it will invest ?500 crore (US$82 million) to set up 25 MW solar photovoltaic and 55 MW wind power capacity.
The company has given the order for installation of 10 MW solar PV project to another public sector company, Bharat Heavy Electricals Ltd (BHEL). The push for renewable energy projects has increased among Indian companies over the last few years as the government made mandatory that a part of the profits be invested for fulfilling corporate social responsibility.
Investing in renewable energy projects also brings in substantial tax benefits that, in turn, boosts profitability, a significant economic issue in the recent general elections. Big public sector companies like NHPC, BHEL, Hindustan Salts and NTPC have all announced plans to invest millions of dollars in large-scale renewable energy projects. These projects include ultra mega solar power projects with capacities up to 4,000 MW.