NHPC and GEDCOL to develop 500 MW Floating Solar Projects in Odisha; Stock inches up

7 Jan 2022 , 11:07 AM

NHPC has signed Promoters Agreement with Green Energy Development Corporation of Odisha Ltd. (GEDCOL), a leading State PSU in the renewable energy sector, for developing 500 MW Floating Solar Projects on different water bodies in Odisha.

With this agreement, the duo agrees 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 GoI 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 Rs500cr and the initial paid-up Share Capital shall be Rs10cr.

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 the 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.

At around 11.03 am, NHPC was trading at Rs32.05 per piece up 0.2% on Sensex. The stock has touched an intraday high and low of Rs32.40 per piece and Rs31.95 per piece respectively.