India’s state-owned National Hydroelectric Power Corporation (NHPC) has signed an agreement with the Green Energy Development Corporation of Odisha Ltd (GEDCOL) for the development of 500MW of floating solar projects in the eastern state of Odisha.
The joint venture (JV) will establish a company to develop 500MW of floating solar projects across different water bodies managed by GEDCOL in Odisha. The equity shareholding of NHPC and GEDCOL in the proposed JV company will be 74% to 26%, respectively.
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An initial investment of INR2000 crore (US$270 million) will be used in the first stage of the project to develop a 300MW floating solar plant in the reservoir of Rengali H.E. project, a vast hydropower site.
According to India’s Ministry of Power, the project is the “first of its kind in Odisha and largest in the country so far”.
A Memorandum of Understanding (MoU) was signed between NHPC and GEDCOL on 20 July 2020 regarding the projects.