They said “A solar JV is already in process of formation with an initial capital of Rs 10 lakh. Once the company is formed, the respective company boards will decide the final contours of the project. At present, solar capex for each MW is around Rs 4 crore.”
The government plans to impose 20 per cent basic customs duty duty on imported solar panels to boost the domestic industry, the sources said. Solar developers have been largely dependent on Chinese equipment.
The thermal power project will be taken up by a separate JV after due diligence, they said.
CIL has already installed solar projects of 4.83-MW capacity and these plants are generating around 4.6 million units of renewable energy annually, officials said.
“The JV company will ensure sustainable growth and contribute to achieving the ambitious solar power programme of both companies,” Coal India said in a statement.