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NHPC, GEDCOL inks promoters’ agreement for 500 MW floating solar projects in Odisha

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NHPC Limited has announced that it has signed a Promoters Agreement with Green Energy Development Corporation of Odisha Ltd. (GEDCOL) for the development of 500 MW floating solar projects on different water bodies in Odisha.

The agreement was signed by Mr. A. K. Singh, CMD of NHPC, and Mr. Bishnupada Sethi, IAS, Chairman, OHPC & CMD, GEDCOL in presence of Hon'ble Minister of State (Energy), Government of Odisha Mr. Dibya Shankar Mishra, Mr. Biswajit Basu, Director (Projects), NHPC, Managing Director and Directors of OHPC, GRIDCO, CEO of GEDCOL and General Managers of NHPC.

The Memorandum of Understanding (MoU) was earlier signed between NHPC and GEDCOL  in July 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 the government of India 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 Rs. 500 Crore (Rupees Five Hundred Crore) and the initial paid-up Share Capital shall be Rs.10 Crore (Rupees Ten Crores).

In the first stage, 300 MW Floating Solar capacity will be installed in the reservoir of the 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 Rs 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. 

Author : Moulin Oza
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