PSU miner Coal India (CIL) has added two more 100% subsidiary companies to its fold — CIL Navikarniya Urja and CIL Solar PV — to pursue its clean energy initiatives. It has also signed a power purchase agreement (PPA) with Gujarat Urja Vikas Nigam (GUVNL) for sale of solar power from its upcoming 100 MW solar power plant in Gujarat.
The new subsidiaries, both West Bengal-based, will function as special purpose vehicles to carry out the coal miner’s green ventures, with the first project being the solar power plant won in the GUVNL-conducted reverse auction.
This takes CIL’s total number of subsidiaries to 10, at a time when the government is reportedly planning to spin off CIL subsidiaries into independent coal producing companies.
