The coal ministry has said Navratna public sector company NLC India has incorporated a wholly-owned subsidiary NLC India Green Energy Limited (NIGEL), which commenced its business operations. The First Board meeting of the company was held, and the appointment of key managerial positions was approved, along with the adoption of the company's logo.
NIGEL Chairman Prasanna Kumar Motupalli said the new company, with a focus on renewable energy (RE) projects, will help to expand 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 happen concurrently," he said. The arm is likely to establish RE projects to the capacity of 6 GW by 2030. Projects of 2 GW are being developed in various parts of the nation.
The chairman further said that as per the "Optimal Energy Mix Report 2030 of CEA, Ministry of Power, the envisaged battery energy storage systems (BESS on the grid is about 41.65 GW, and this provides a great opportunity for storage system development," an official statement said. NLC India Ltd recently said it has incorporated a wholly-owned arm NLC India Green Energy Ltd for the commissioning of green projects. NIGEL will take care of planning, participating in upcoming renewable energy tenders, execution and commissioning of green energy projects, NLC India Ltd (NLCIL) said in a statement earlier.