CIL, NLC India to invest Rs 12,000 cr to jointly develop solar power assets

Coal India Ltd (CIL) and NLC India will jointly develop solar power assets of 3,000 MW with a likely investment of around Rs 12,000 crore, sources said on Saturday.

The two state-run companies had on Friday said they would form a JV to develop 5,000 MW of solar and thermal power assets across the country.

"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