Nyeveli: NLC (formerly Nyeveli Lignite Corporation) will invest about $3.4 billion in expanding renewable energy capacity by 394% to almost 7GW (gigawatts), as the state-run lignite/coal and thermal power producer looks to reduce its carbon footprint in line with India’s 2070 net-zero target, chairman Prasanna Kumar Motupalli said. Easily the largest green investment committed by any state-run coal company in the country, outlay accounts for a third of company’s nearly $11-billion plan to ramp up core mining and thermal generation capacities by 2030.Kumar said a subsidiary, NLC India Green Energy has been formed as the vehicle for future renewable energy investments. Another arm, NLC India Renewables is being put in place for monetising existing solar/wind portfolio and ploughing back proceeds into new projects.
