NHPC Signs Pact with GEDCOL to Jointly Set Up 500 MW Floating Solar Projects

NHPC has signed a pact with the Green Energy Development Corporation of Odisha (GEDCOL) to form a joint venture (JV) for setting up 500 (MW) floating solar power projects in Odisha.

The promoters’ agreement has been signed on 4 January 2022, between NHPC and the Green Energy Development Corporation of Odisha (GEDCOL) for the formation of JV company for the development of 500 MW floating solar power projects in various water reservoirs in the state of Odisha.

NHPC will hold 74 percent equity stake, while GEDCOL will have 26 percent. It will have an authorized share capital of Rs 500 crore divided into 50 crore shares of Rs 10 each.

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 rounded to 3:1) for NHPC and GEDCOL, respectively, subject to a minimum of one director by each of the parties.

In the case of minimum four directors, three directors will be from NHPC and one director on the company's Board of Directors will be from the GEDCOL side.