NHPC, GEDCOL Ink MoU to Form JV for 500 MW Floating Solar Projects in Odisha

State-run hydro power giant NHPC said that it has entered into an agreement with Green Energy Development Corporation of Odisha Ltd (GEDCOL) to form a joint venture company (JVC) for the development of 500 MW capacity of floating solar energy projects in the state.

The company said in a regulatory filing that “a Memorandum of Understanding (MoU) has been signed between NHPC Ltd and Green Energy Development Corporation of Odisha Ltd (GEDCOL) on July 20, 2020 through video conferencing.”

As per the MoU signed, the two parties may collaborate and cooperate to plan and develop techno-commercially feasible floating solar projects of 500 MW in Odisha under UMREPPs (Ultra Mega Renewable Energy Power Parks) scheme of the Ministry of New and Renewable Energy (MNRE), in a phased manner, preferably in packages of 50 MW each, it added.

Besides, both the entities also agree on exploring further potential of installing floating solar projects post joint identification in subsequent periods in the state.

Buoyed by the development, scrips of the company were trading at Rs 20.30 apiece, up 1 per cent, from the previous close on the exchange at 13:11 hours.

Recently, the company had floated a tender inviting bids for setting up 40 MW solar energy project in Ganjam district of Odisha, under tariff-based competitive bidding followed by reverse auction.

The scope of the project work includes providing EPC services along with associated 220 KV transmission line connectivity. The selected bidders will also provide comprehensive operation and maintenance (O&M) services for a period of 10 years.

Moreover, this solar project is expected to be completed within twelve months from the award of the contract.