NHPC, GEDCOL to Form JVC to Build 500 MW Floating Solar Projects in Odisha

India’s premier hydropower company NHPC Ltd has recently signed a Promoters Agreement with Green Energy Development Corporation of Odisha Ltd (GEDCOL), a leading state PSU in the renewable energy sector in Odisha, for the development of 500 MW of floating solar projects on different water bodies in the state.

With the signing of the Promoters Agreement, both NHPC and GEDCOL agree to form a Joint Venture Company (JVC) in the ratio of 74:26 shareholding.

Under the agreement, the proposed JVC will implement 500 MW of floating solar power projects in Odisha and other such projects in subsequent periods as may be decided by the JVC from time to time as per the Government of India (GoI) directions.

Also, the company would have an authorised share capital of Rs 500 crore and the initial paid-up share capital would be Rs 10 crore.

During the first stage, the 300 MW of floating solar capacity would be installed in the reservoir of Rengali H.E. project.

The project will be implemented under Ultra Mega Renewable Energy Power Park (UMREPP), Mode 8 of the solar park scheme.

The first stage of the project will have an outlay exceeding Rs 2,000 crore and will generate about 600 MU of energy per year. It is the first of its kind in Odisha and the largest in the country so far.

The project will help the State to meet its renewable energy generation target and purchase obligation besides creating investment and employment opportunities.

The agreement was signed by A. K. Singh, CMD of NHPC and Bishnupada Sethi, IAS, Chairman, OHPC & CMD, GEDCOL in the presence of Minister of State (Energy), Government of Odisha Dibya Shankar Mishra, Biswajit Basu, Director (Projects), NHPC, Managing Director and Directors of OHPC, GRIDCO, CEO of GEDCOL and General Managers of NHPC.

However, the Memorandum of Understanding (MoU) was earlier signed between NHPC and GEDCOL on July 20, 2020.