NHPC, GEDCOL to set up 500MW floating solar projects in Odisha
POWER & RENEWABLE ENERGY

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

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.

Image Source

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

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

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. Image Source Also read: NHPC to set up over 27,000 MW renewable energy projects Also read: RUMSL floats tender for 600 MW floating solar park

Next Story
Infrastructure Urban

3i Infotech Reports Rs 7.25 Bn Revenue for FY25

3i Infotech, a leading provider of digital transformation, technology services and technology solutions, announced its consolidated financial results for the fourth quarter and full year FY25, ended on March 31st, 2025. The company maintained its growth momentum, displaying consistent progress for the 3rd consecutive quarter.In Q4 FY25, 3i Infotech reported revenue of Rs 1.87 billion, reflecting steady performance compared to Rs 1.81 billion in Q3 FY25 and Rs 1.97 billion in Q4 FY24. The company delivered strong profitability improvements, with gross margin growing by 14.8 per cent Q-o-Q and 1..

Next Story
Infrastructure Urban

Emerald Finance Joins Baya PTE to Boost SME Bill Discounting

Emerald Finance is a dynamic company offering a spectrum of financial products and services including its flagship Earned Wage Access (EWA) in India, has entered into a strategic partnership with Singapore-based Baya PTE through its Indian subsidiary. This collaboration aims to strengthen bill discounting services for Small and Medium Enterprises (SMEs), enabling faster access to working capital and improved cash flow management.The initiative is designed to support SMEs that supply to large corporates such as JSW Steel, Delhivery, and PVR INOX, among others. By facilitating timely invoice dis..

Next Story
Infrastructure Urban

BLS E-Services Crosses Rs 5 Bn Revenue Mark in FY25

BLS E-Services, a technology-enabled digital service provider, announced its audited consolidated financial results for the quarter and full year period ended 31 March 2025.Speaking about the performance and recent updates, Shikhar Aggarwal, Chairman, BLS E- Services said, “We are delighted to report a remarkable performance in FY25, as we achieved several milestones during the fiscal year. FY25 marked our highest-ever financial performance, as we surpassed Rs 5 billion milestone in Total Income during the year, which was reported at Rs 5.45 billion, a notable YoY growth of 76 per cent. The ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?