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Private Indian enterprises have expressed an interest in developing at least 10 GW of coal-fired power capacity over the next decade, according to four persons familiar with the topic, breaking a six-year drought of significant private sector involvement.
According to the sources, Adani Power, JSW Group, and Essar Power are a few businesses that have informed India's power ministry that they would be eager to develop stalled projects suffering financial strain or expand existing plants.
The potential investments, which have not been previously revealed, might cost billions of dollars and reflect increased interest in an industry that many regard as financially unattractive. However, they also threaten the progress that the third-largest greenhouse gas emitter in the world has accomplished in weaning itself off carbon.
Prime Minister Narendra Modi's government has cited energy security concerns and low per-capita emissions to defend India's coal dependence and has been trying to attract private investment to boost its coal-fired capacity by 80 GW by 2032. Coal-fired power plants currently account for half, or about 215 GW of India's total installed capacity of 430 GW, with renewables accounting for 135 GW and hydro making up 47 GW.
A spokesperson for the power ministry said the private sector had agreed to invest in the coal-fired power sector "in line with the nation's energy requirements," adding that India was ahead of international commitments to cut emissions. "The private sector is now expressing interest because of financial viability and assurance that payments will be made on time," he said.
India's Association of Power Producers (APP), which represents coal-fired power developers, told Power Minister R K Singh its members were eager to boost capacity, according to a Dec 4 letter reviewed by Reuters. Among the new proposals, Adani Power plans to add 4.8 GW and JSW 1 GW, according to three sources, and Reuters reviewed a government presentation dated Nov 21.
Essar Power plans 1.6 GW of new domestic coal-brd power generation in Gujarat state by 2029, one of the sources said. Another source said Vedanta will add 1.9 GW of capacity. The presentation, made by an arm of the power ministry in November, estimates that the plants would be commissioned by 2032.
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