NHPC Limited, India’s premier hydropower company has signed Promoters Agreement with Green Energy Development Corporation of Odisha Ltd. (GEDCOL), a leading State PSU in the renewable energy sector in Odisha on 04th January 2022 for “Development of 500 MW Floating Solar Projects on different water bodies in Odisha,” according to an official statement issued on Thursday. 

With signing of Promoters Agreement, NHPC and GEDCOL agree to jointly establish a Company for implementation of 500 MW 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 Government of India directions, the statement issued by the Power Ministry said.

In the first stage 300 MW Floating Solar capacity will be installed in the reservoir of Rengali hydroelectric project. The project will be implemented under Ultra Mega Renewable Energy Power Park , Mode 8 of Solar Park Scheme. The first stage of the project will have an outlay exceeding Rs 2000 Crore and will generate about 600 MU of energy per year. It is first of its kind in Odisha and 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 equity shareholding of NHPC and GEDCOL in the proposed Joint Venture Company shall be in the proportion of 74:26. The Company shall have, an Authorised Share Capital of Rs 500 crore and the initial paid up share capital shall be Rs 10 crore.

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