NHPC Limited has signed promoters agreement with Green Energy Development Corporation of Odisha Limited (GEDCOL) for development of 500 MW floating solar power projects on different water bodies in Odisha.
With signing of promoters agreement, NHPC and GEDCOL agree to establish a joint venture (JV) company. The equity shareholding of NHPC and GEDCOL in the proposed JV will be in the proportion of 74:26. It will have an authorised share capital of Rs 5 billion. In the first stage 300 MW floating solar capacity will be installed in the reservoir of Rengali H.E. project. The project will be implemented under Ultra Mega Renewable Energy Power Park (UMREPP), Mode 8 of Solar Park Scheme. 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) for NHPC and GEDCOL, respectively, subject to a minimum of one director by each of the parties.