NHPC, GEDCOL to Set Up 500MW Floating Solar Projects in Odisha

State-owned hydropower giant NHPC on Wednesday said it has signed a pact with Green Energy Development Corporation of Odisha Ltd (GEDCOL) to form a joint venture (JV) for setting up a 500-megawatt (MW) floating solar power projects in Odisha.

“Promoters agreement has been signed on January 4, 2022, between NHPC Limited and Green Energy Development Corporation of Odisha Limited (GEDCOL) for the formation of JV company for the development of 500 MW floating solar power projects in various water reservoirs in the state of Odisha,” according to a BSE filing.

NHPC will hold a 74 per cent equity stake, while GEDCOL will have 26 per cent. It will have an authorised share capital of Rs 500 crore divided into 50 crore shares of Rs 10 each.

The JV will have at least four directors on its board and not more than 15 with a ratio in proportion to equity participation (i.e. 74: 26 rounded to 3:1) for NHPC and GEDCOL, respectively, subject to a minimum of one director by each of the parties.

In the case of minimum four directors, three directors will be from NHPC and one director on the company’s board of directors will be from the GEDCOL side.

The firm’s chief executive officer (CEO) and functional heads will be officers of the level below the board of directors. Its CEO and chief financial officer will be from NHPC for effective management.

NHPC recently revealed that it plans to set up new hydro and solar power projects of more than 27,000 MW capacity in nine Indian states (Uttar Pradesh, Bihar, Odisha, Rajasthan, Tamil Nadu, Kerala, Maharashtra, Andhra Pradesh and Odisha) and neighbouring country Nepal.

The company is presently working on projects of total 6,000 MW capacity and another 9,000-10,000 MW is said to be in the pipeline. The company expects to meet its target of 50,000 MW energy capacity, which includes solar, within time.