Debasish Nanda, the business development director of state-owned Coal India, stated at the BloombergNEF summit on Thursday that the company plans to add 5 gigawatts (GW) of renewable energy capacity by 2028, one year sooner than anticipated.
The corporation is also looking to establish pump storage projects in its depleted open-cast mines. It is in various stages of negotiations with several nations for the acquisition of crucial mineral assets as part of its attempt to diversify its green energy portfolio.
In addition, Coal India is attempting to obtain vital minerals for usage in other industries including lithium-ion batteries. Through an auction, the business was able to acquire one of the Madhya Pradesh graphite mines. In addition to exploring within the country, CIL has discovered important mineral resources in Australia, Africa, Bolivia, Chile, Argentina, and Bolivia.
The main goals of CIL are to explore and produce lithium, nickel, cobalt, molybdenum, graphite, phosphates, and potash. In addition, CIL is developing pump storage schemes for its open-pit mines. To create power and feed the market during peak hours, CIL will use solar power to pump water from lower to upper reservoirs. The same water will be used along the line.
In pumped storage power plants, water is used to create energy by gravity and the movement of water through turbines in two reservoirs that are at different heights. The water is pumped into the higher reservoir when demand is low. The water is discharged to turn a turbine in a powerhouse and supply electricity to the grid when demand is high.
The government announced last year that it had located 20 abandoned mines for assessment and feasibility studies to build pump storage projects there. Additionally, it has instructed interested parties to confer with organizations that might be open to pursuing these kinds of initiatives. Nanda stated that coal will be a source of energy for the next 30 to 40 years when discussing the future of coal-based energy.
