NLC India incorporates NLC India Green Energy for RE projects

NLC India said that it has incorporated a wholly owned subsidiary NLC India Green Energy (NIGEL) to carry out future renewable projects.

The company said that it has won 600 MW solar power project in the GSECL Khavda solar park tender floated by Gujarat Urja Vikas Nigam (GUVNL) through competitive bidding process. In line with the policy of developing renewable energy (RE) projects under the green energy wholly owned subsidiary, the project development has been vested with NIGEL.

NLC India Green Energy (NIGEL) has signed the power purchase agreement with (GUVNL) for the proposed 600 MW solar power project in the GSECL Khavada Solar Park, Bhuj, Gujarat. The entire power from the project will be procured by GUVNL. The project is set to offset approximately 35.5 million metric tons of carbon dioxide emissions during its entire.

NLC India is a public sector undertaking that is involved in lignite mining, coal mining and power generation. The company, at present, has a lignite mining capacity of 30.1 million tonnes per annum (MTPA), coal mining capacity of 20 MTPA and installed power generation capacity of 6,071 MW as on date. Its power stations cater to the five southern states of Tamil Nadu, Andhra Pradesh, Telangana, Kerala and Karnataka, the Union Territory of Puducherry, as well as Rajasthan through its thermal plant in Barsingsar.

The company reported consolidated net profit of Rs 250.42 crore in Q3 FY24 as compared with net loss of Rs 406.74 crore posted in corresponding quarter last year. Revenue from operations declined 14% YoY to Rs 3,164.40 crore in Q3 FY24.

The scrip rose 1.95% to Rs 221.60 on the BSE.

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