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Navratna public sector corporation NLC India has established a wholly-owned subsidiary, NLC India Green Energy Limited (NIGEL), which has begun business operations. The company's first Board meeting was convened, and the hiring of key executive roles was authorized, as well as the approval 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, as per economic times.
"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.
By 2030, the arm is expected to build RE projects with a total capacity of 6 GW. 2 GW projects are being constructed in various sections of the country. According to 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 release said.
NLC India Ltd has announced the formation of a wholly-owned subsidiary, NLC India Green Energy Ltd, for the commissioning of green projects. NIGEL will be in charge of project planning, participation in forthcoming renewable energy auctions, project execution, and project commissioning, according to NLC India Ltd (NLCIL).