State-owned Coal India Ltd (CIL) aims to add 5 gigawatts (GW) of renewable energy capacity by 2028, a year ahead of its original schedule. Debasish Nanda, CIL’s Director of Business Development, shared this update at the BloombergNEF summit. The company is also planning to set up pump storage projects at its exhausted open-cast mines and is exploring opportunities to acquire critical mineral assets globally.
Nanda outlined CIL’s focus on four key states—Rajasthan, Gujarat, Maharashtra, and Karnataka—expected to provide 50% of India’s total solar power. He confirmed that joint venture agreements are being finalized with these state governments to generate and supply solar energy. CIL has already commissioned 150 megawatts (MW) of solar power, with another 450 MW in various stages of development, expected to be operational by the end of FY25.
“We are confident of completing the 5 GW target ahead of schedule, by 2028,” said Nanda. He also mentioned that tenders for an additional 2,100 MW of solar capacity in Rajasthan are anticipated by the end of October.
Diversification into Critical Minerals
In addition to green energy, Coal India is diversifying into critical minerals, essential for sectors like lithium-ion batteries. The company has already secured a graphite mine in Madhya Pradesh through an auction. Globally, CIL is eyeing assets in Argentina, Bolivia, Chile, Australia, and Africa, focusing on minerals like lithium, nickel, cobalt, molybdenum, phosphates, and potash. Nanda emphasized the company’s interest in lithium exploration in Argentina, Bolivia, Chile, and Australia, with ongoing talks in Africa as well. “We are in various stages of discussions,” he said.
Pump Storage Projects
CIL is also venturing into pump storage projects, using its depleted coal mines as reservoirs for these energy storage facilities. These projects will use solar power to pump water between reservoirs at different heights, generating electricity during peak demand by releasing water through turbines. The company has identified several potential sites for such projects, and the government has previously marked 20 abandoned mines for feasibility studies on pump storage systems.
CIL’s consultancy firm, Central Mine Planning and Design Institute (CMPDI), is conducting research on de-coaled mines suitable for these projects. Currently, more than 200 such sites with vast land areas are available across the country. Despite its green energy push, Nanda reiterated that coal will remain a key energy source for the next 30-40 years.
