NHPC, GEDCOL to Form Joint Venture for Setting up 500-MW Floating Solar Power Projects in Odisha

(EPT): NHPC Limited on Wednesday said it has signed an agreement with Green Energy Development Corporation of Odisha Limited (GEDCOL) to form a joint venture (JV) for setting up a 500-megawatt (MW) floating solar power projects in Odisha.

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

NHPC said in an exchange filing, Promoters Agreement has been signed on 04.01.2022 between NHPC Limited & Green Energy Development Corporation of Odisha Limited (GEDCOL) for the formation of Joint Venture (JV) Company for development of 500 MW floating Solar Energy Projects in various water reservoirs in the State of Odisha.

The Joint Venture (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 & 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. The firm’s chief executive officer (CEO) & functional heads will be officers of the level below the board of directors. Its CEO and chief financial officer will be from NHPC for effective management.