Coal India Limited (CIL) and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) have signed a joint venture (JV) agreement to develop renewable energy projects in Uttar Pradesh. CIL and UPRVUNL will hold 51 per cent and 49 per cent equity, respectively, in the JV company.
The JV will undertake the development of ground-mounted and floating solar projects, pumped storage projects, wind projects and other renewable energy projects. It will also engage in the sale of power and related business activities. The JV company will be incorporated as a private limited company with an initial paid-up capital of Rs 1 million and an authorised share capital of Rs 100 million.