The project will be implemented under Ultra Mega Renewable Energy Power Park (UMREPP), Mode 8 of Solar Park Scheme
NHPC has formed a joint venture with Green Energy Development Corporation of Odisha to set up 500-megawatt floating solar power projects in Odisha.
The JV will make an initial investment of over Rs 2,000 crore to set up 300 MW floating solar projects, which would generate 600 million units (MU) per annum.
“NHPC Limited, India’s premier hydropower company has signed Promoters Agreement with Green Energy Development Corporation of Odisha Ltd (GEDCOL), a leading State PSU in the renewable energy sector in Odisha on 4th January 2022 for ‘Development of 500 MW Floating Solar Projects on different water bodies in Odisha’,” a power ministry statement said.
The equity shareholding of NHPC and GEDCOL in the proposed joint venture company will be in the proportion of 74:26. It will have an authorised share capital of Rs 500 crore, and the initial paid-up share capital will be Rs 10 crore, it informed.
In the first stage, 300 MW floating solar capacity will be installed in the reservoir of the Rengali HE project. The project will be implemented under Ultra Mega Renewable Energy Power Park (UMREPP), Mode 8 of Solar Park Scheme, the statement said.
The first stage of the project will have an outlay exceeding Rs 2,000 crore and will generate about 600 MU of energy per year, it added.
It is the first of its kind in Odisha and the largest in the country so far.
The project will help the state to meet its renewable energy generation target and purchase obligation, besides creating investment and employment opportunities, the ministry said.