NHPC, GEDCOL to develop 500 MW of floating solar in Odisha

Solar module. Author: Oregon Department of Transportation. License: Creative Commons, Attribution 2.0 Generic.

January 7 (Renewables Now) - Indian hydropower producer NHPC Ltd (BOM:533098) and Green Energy Development Corporation of Odisha Ltd (GEDCOL) have entered into a promoters agreement to develop 500 MW of floating solar projects in the state of Odisha.

The two partners have agreed to set up a joint venture to implement such projects on different water bodies in the state. In the first stage, they will deploy 300 MW of capacity in the reservoir of Rengali H.E. project.

The JV will be launched with an authorised share capital of INR 5 billion (USD 67.3m/EUR 59.5m). NHPC will hold a controlling stake of 74%, leaving the remaining 26% to GEDCOL.

The deal follows the signing of a memorandum of understanding (MoU) between the two parties on July 20, 2020.

(INR 10 = USD 0.135/EUR 0.119)

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