NHPC, GEDCOL to jointly develop 500 MW floating solar projects

The equity shareholding of NHPC and GEDCOL in the proposed joint venture company will be in the proportion of 74:26. 

NHPC Limited, the hydropower company has recently signed a promoters agreement with Green Energy Development Corporation of Odisha Ltd. (GEDCOL), one of the leading State PSU in the renewable energy sector in Odisha on 04th of January 2022 for the development of 500 MW Floating Solar Projects on different water bodies in Odisha. The Memorandum of Understanding (MoU) was earlier signed between NHPC and GEDCOL on 20.07.2020.

With the signing of the 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 GoI directions. 

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 ₹500 Crore and the initial paid-up Share Capital shall be ₹10 Crore (Rupees Ten Crores).

In the first stage, 300 MW Floating Solar capacity will 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 Solar Park Scheme. The first stage of the project will have an outlay exceeding ₹2000 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.