English News

  • youtube
  • facebook
  • twitter

NLC’s green energy subsidy starts operations

India set to further promote renewable energy (Photo: IANS)

NLC India Green Energy Limited (NIGEL), a wholly owned subsidiary of NLC India Limited, a Navratna Central Public Sector Undertaking under the Ministry of Coal, has started its operations. NIGEL’s focus will be on taking up initiatives related to renewable energy initiatives.

The subsidiary is expected to establish RE projects to the capacity of 6 GW by 2030. Projects to the tune of 2 GW are already being developed in the country.

The first Board meeting of the company was held, and the appointment of key managerial positions were approved. Prasanna Kumar Motupalli, Chairman, NIGEL said that the new company with focused attention on renewable energy projects will help in increasing the RE power generation capacity faster. With industry climate very optimistic, the growth of RE including storage systems like Pumped Hydro System and Battery Energy Storage System will take place concurrently.

Earlier, Prime Minister Narendra Modi said that there was a need to amplify the thrust on green growth by increasing production of renewable energy, reducing the use of fossil fuel, and finally, moving towards a gas-based economy.

Modi also invited investors to invest in green energy, which in turn will create green jobs.

Among the key announcements made at the G20 summit under India’s presidency, the launch of the Global Biofuel Alliance was one. India has already achieved the set target of blending 10 per cent ethanol with petrol much ahead of the deadline.

The World Economic Forum earlier noted that a total of $14.5 billion was invested in renewable energy in India. This was 125 per cent higher compared to financial year 2020-21 and 72 per cent higher than in the pre-pandemic period of the 2019-20. As of August 31, 2022, renewable energy sources, including large hydropower, have a combined installed capacity of 163 GW in India.

Also read: India walks the talk on renewables, to set up the world’s largest solar battery storage system