NHPC gains over 1.5% on forming joint venture company with Green Energy Development Corporation of Odisha

6 Jan 2022 , 09:40 AM

Promoters Agreement has been signed between NHPC Limited and Green Energy Development Corporation of Odisha (GEDCOL) for the formation of a joint venture company (JVC) for the development of 500 MW floating solar power projects in various water reservoirs in Odisha.

The companies signed the MoU signed on July 20, 2020, and now in line with the terms and conditions of MoU, the Promoters Agreement was Signed on January 4, 2022.

At around 9.42 am, NHPC Ltd was trading at Rs32 per piece up by Rs0.5 or 1.59% from its previous closing of Rs31.50 per piece on the BSE.

“The Parties hereby decide and agree to jointly establish a Company under the name of “Odisha Solar Power Development Company Limited” or any other name as may be approved by Registrar of Companies upon the terms & conditions contained in Promoters Agreement, for implementation of 500 MW Floating Solar Power Projects in Odisha and explore further potential of installing floating solar projects after joint identification in subsequent periods in Odisha State and plan such other Solar Projects as a developer or under any other arrangement as may be decided by the JVC from time to time as per Gol directions,” company said in a filing on Wednesday.

As per the agreement, NHPC Limited holds 74% share in the JVC and GEDCOL gets 26% share.