Coal India Seeks Equity Partner for a 4 GW Vertically Integrated Solar Module Facility

Coal India Limited (CIL) has invited bids for shortlisting equity partners to set up a 4 GW solar ingot-wafer-cell-module manufacturing facility.

CIL plans to associate with the equity partner to implement and operate the 4 GW vertically integrated solar manufacturing project. CIL is in the advanced stage of discussions with selected states in India for site identification and finalization.

The last date to submit the bids is September 16, 2021, and bids will be opened on September 17.

To participate in the bidding process, the bidder should have both solar cell and module manufacturing plants, operational and under development in India, with a minimum production capacity of 100 MW/annum. The bidder should have solar projects in pipeline under the engineering, procurement, and construction (EPC) mode or developer mode.

The applicant should have the intent to enter into the polysilicon and ingot-wafer manufacturing business in India. The applicant should not have been backlisted by the Government of India or any other government agency.

Regarding the financial criteria, the net worth of the bidder should be at least ₹20 billion (~$273.82 million) as of the latest audited balance sheet, which should not be older than 18 months immediately preceding the bid submission date.

Also, the revenue from operations in any of the last three financial years should be greater than ₹30 billion (~$410.72 million). The credit rating of the bidder should be ‘A’ or above which should not be older than 18 months immediately preceding the bid submission date.

In April this year, CIL announced forming two wholly-owned subsidiaries for undertaking solar photovoltaic manufacturing and renewable energy projects. While CIL Solar PV Limited has been incorporated for manufacturing in the solar value chain (ingot-wafer-cell-module), CIL Navikarniya Urja Limited has been formed for renewable energy projects.

Earlier, CIL had received approval from its board to venture into the solar power value chain and aluminum value chain. The coal giant had said that the board had approved the creation of a special purpose vehicle to set up an integrated solar wafer manufacturing facility to boost the solar value chain. It will also set up an integrated aluminum complex — a greenfield project of Central Coalfields Limited, a CIL subsidiary.

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