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NLC India, Grid Corporation of Odisha enter MoU to set up renewable energy projects

2 Dec 2022 , 09:42 AM

NLC India Limited and GRIDCO (Grid Corporation of Odisha) signed an MoU to set up Ground Mounted/Floating Solar Power Projects, Green Hydrogen Projects, Pumped Hydro Storage Projects, and any other renewable projects at ‘Make in Odisha Conclave,’ held at Bhubaneswar on December 1, 2022.

K. Mohan Reddy, Director (Planning and Projects), NLCIL, and Trilochan Panda, MD, GRIDCO signed the agreement in the presence of Naveen Patnaik, Hon’ble Chief Minister of Odisha, and Rakesh Kumar, CMD, NLCIL.

This MoU will help both parties meet their national targets for renewable energy capacity and energy transition, said the company on Thursday.

NLC India is a mining and power generation company and a Government of India Enterprise. It operates opencast lignite mines and generates electricity from lignite, coal, and renewable sources such as wind and solar.

The company sells electricity to state-owned distribution companies (DISCOMs) in Southern India and Rajasthan. NLC also has stakes in a number of mining and power generation projects that are currently in the planning stages.

At around 9.29 AM, NLC India was trading at Rs84.20 up by 0.96% from its previous closing of Rs83.40 on the BSE. The scrip touched intraday high and low of Rs84.60 and Rs84 respectively.

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