NHPC, GEDCOL to set up 500MW floating solar projects in Odisha

11 Jan 2022 CW Team

Hydropower major NHPC has signed an MoU with the Green Energy Development Corporation of Odisha Limited- GEDCOL for forming a joint venture to set up a 500- megawatt floating solar power project in Odisha.

According to a BSE filing promoter's agreement was signed on January 4, 2022, between both the parties for the JV formation for the 500 MW floating solar power projects in different water reservoirs across Odisha.

The agreement was signed by NHPC CMD AK Singh and GEDCOL CMD Bishnupada Sethi in the presence of Divya Shankar Mishra, Minister of State for Energy.

A 74% equity stake will be held by NHPC, whereas 26% will be held by GEDCOL. They will have an authorised share capital worth Rs 500 crore. The amount will be divided into 50 crore shares with an individual price of Rs 10.

The JV will have a minimum of four directors and a maximum of 15. For NHPC and GEDCOL the ratio will be in proportion with the equity participation, 3:1. There will be at least one director from both parties. If there are four directors one will be from GEDCOL and the other three form NHPC. For effective management, the CEO and chief financial officer, below the board of directors will be from NHPC.

The first stage of the project will be of 300 MW capacity and installed in the Rengali HE project reservoir. The first stage of the project will approximately cost over Rs 2,000 crore and will generate about 600 MW of energy every year.

The project is going to be implemented under the MNRE department’s UMREPP mode 8 scheme. The project will help the state in achieving the goal of renewable energy. It will also help in creating investment and employment opportunities.

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Also read: NHPC to set up over 27,000 MW renewable energy projects

Also read: RUMSL floats tender for 600 MW floating solar park

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