NHPC, GEDCOL to develop 500 MW floating solar PV project in Odisha

India's National Hydroelectric Power Corp. Ltd (NHPC) has signed an agreement with Green Energy Development Corporation of Odisha (GEDCOL) to develop a 500 MW floating solar photovoltaic project in Odisha, in the eastern Indian state on the Bay of Bengal, India.

The joint venture will have an authorized share capital of INR5 billion (US$67.3 million). NHPC will be holding a 74% stake in the project and GEDCOL will hold the remaining 26% stake. During the first stage, 300 MW of a new floating solar capacity will be added in the reservoir of Rengali H.E. project. 

The agreement follows a memorandum of understanding (MoU), signed on July 20, 2020, by NHPC and GEDCOL.