Coal India has signed a non-binding Term Sheet with EDF India to form a joint venture Go Solar With Us for developing and operating Pumped Storage Projects (PSP) and other hydro projects, supporting India’s clean energy transition.
Coal India has announced that the company has signed a non-binding Term Sheet with EDF India, a subsidiary of the French multinational electric utility company Électricité de France SA (EDF). This collaboration aims to form a Joint Venture Company to develop, own, operate, and maintain Pumped Storage Projects (PSP) and other Hydro -Projects and marks a significant step toward India’s transition to a cleaner and more sustainable energy future.
The Term Sheet was signed by Coal India’s Director – Business Development Debasish Nanda and Federico D’Amico, Chief Executive Officer and Director, EDF India, in the presence of Mohammad Afzal, Joint Secretary, Ministry of Power, and Luc Rémont, Chairman and Chief Executive Officer, EDF.
Other senior officials from both companies were present on the occasion. Coal India is gradually ramping up its renewable energy capacity to diversify its energy sources and reduce its reliance on coal. The company is developing a 1,190 MW solar power plant in Bikaner, Rajasthan.
For this, Coal India formed a JV with Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL). The plant will be part of a 2,000 MW solar park in Poogal, Bikaner. Overall, Coal India’s renewable energy target is to add 5 GW of capacity by 2028.
