NLC India Limited and Coal India Limited (CIL) have signed an MoU for the formation of a joint venture (JV) company to develop solar power projects with a combined capacity of 3,000 MW. As per the MoU, the JV will have an equity participation of 50:50 from both companies. The projects will be financed through a debt-equity ratio of 70:30 as per the norms specified by the Central Electricity Regulatory Commission. The projects will be set up at an estimated cost of Rs 120 billion on 15,000 acres of barren and reclaimed free land owned by CIL. To this end, a concept paper has been initiated by both companies to get clearance from their respective boards. The projects are to be commissioned over a period of 15 months.