Coal India to invest ₹25,000 crore to augment renewable energy capacity
It is one of the largest renewable energy contracts in the world, said AM Green in a statement on Friday, adding that a formal non-binding MoU, for long-term supply and sourcing of solar and wind energy, was inked on 7 May between the two entities.
CIL will invest around ₹ 25,000 crore to set up capacities to fulfil the contract. 'While the solar power capacity would be to the tune of 2,500MW to 3,000MW, wind is expected to account between 1,500MW and 2,000 MW at an estimated total outlay of around ₹ 25,000 crore. Potential sites for wind projects will be explored in the southern states of the country. And, for solar plants in the sunny states like Gujarat and Rajasthan,' the statement said.
AM Green will integrate the two renewable sources supplied by CIL with pumped hydro storage to ensure a steady supply of green energy to its facilities.
'While coal remains our mainstay in meeting India's expanding energy needs in the near term, our plans include a proactive role in building a greener and more sustainable future. This is in consonance with our commitment to become the country's integrated energy provider,' said P.M. Prasad, chairman and managing director of Coal India Ltd.
AM Green, promoted by the founders of Greenko, aims to produce 5 million tonnes per annum (mtpa) of green ammonia by 2030. This equals around 1 mtpa of green hydrogen and represents a fifth of India's target for green hydrogen production under the National Green Hydrogen Mission.
'We are delighted to partner with CIL on one of the world's largest carbon-free, renewable energy supply contracts. We aim to become one of the most cost-competitive producers of green hydrogen, green ammonia, and other green molecules in the world," said Anil Chalamalasetty, founder of the Hyderabad-based Greenko Group and AM Green.
AM Green was established as a new energy transition platform. Its aim is to produce sustainable aviation fuel, green ammonia, green hydrogen, green chemicals, and biofuels and to establish related technology partnerships and services through its various business verticals, which are housed in its subsidiaries.
AM Green will house production of green chemicals, green hydrogen, and biofuels.
Its minerals arm AMG Metals & Minerals (AMG M&M) has also tied up with global mining major Rio Tinto to set up the world's largest renewable-powered aluminium facility in the country at an investment of about $6 billion.
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