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 Tuesday (4 January) for the development of 500 MW Floating Solar Projects on different water bodies in the State.
The agreement was signed by A K Singh, CMD of NHPC and Bishnupada Sethi, IAS, Chairman, CMD of GEDCOL. The Memorandum of Understanding (MoU) was signed between NHPC and GEDCOL in July 2020.
With the signing of the promoters agreement, NHPC and GEDCOL agreed to jointly establish a company to implement 500 MW Floating Solar Power Projects in Odisha and other such projects.
“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,” the Ministry of Power said.
In the first stage, 300 MW Floating Solar capacity will be installed in the reservoir of the Rengali hydroelectricity project. The project will be implemented under Ultra Mega Renewable Energy Power Park (UMREPP), Mode 8 of the Solar Park Scheme.
The project’s first stage will have an outlay exceeding Rs 2,000 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 ministry added.