State-run hydropower producer NHPC has signed a joint venture agreement with Green Energy Development Corporation of Odisha Limited (GEDCOL) to develop 500 MW of floating solar projects in various water reservoirs in the State of Odisha.
NHPC shall have an authorised share capital of INR 500 crore into the JV, acquiring a majority stake of 74% with the rest 26% held by GEDCOL.
As per the agreement, the NHPC and GEDCOL shall also explore further potential of installing floating solar projects after joint identification in Odisha State and plan such other solar projects as a developer or under any other arrangement as may be decided by the JV company.
“NHPC shall have an authorised share capital of INR 500 crore, divided into 50 crore equity shares of the face value of INR 10 each. The initial paid-up share capital shall be INR 10 crore divided into one crore equity shares of the face value of INR 10 each, which shall be subscribed by the promoters as early as possible but not later than 60 days of the date of incorporation of the Company. The total equity of NHPC/NHPC associate in the company shall be 74% and the total equity of GEDCOL in the company shall be 26%,” NHPC stated.
The government of Odisha plans to develop around 500 MW of floating solar power plants on various reservoirs in the state in collaboration with National Hydroelectric Power Corporation, shared power minister R.K. Singh in Parliament last year.
Odisha has a potential of generating 17,755 MW of electricity from floating solar over 877 sq.km of water surface area in its reservoirs, according to a report by sustainability thinktank The Energy and Resources Institute (TERI).
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