Agreement on 500 MW FPV project in India

Indian hydropower company NHPC Limited and state-run Green Energy Development Corporation of Odisha Ltd. (GEDCOL) have signed a»Promoters Agreement« aiming at the development of 500 MW of floating PV (FPV) projects on different water bodies in the Indian state of Odisha. This follows a memorandum of understanding that had already been signed in July 2020. »In the first stage« of the ccoperation, 300 MW FPV capacity are to be installed in the reservoir of Rengali H.E. project.
The contracting parties agreed to establish a joint venture company with an equity shareholding of NHPC and GEDCOL in the proportion of 74:26 for implementation the FPV projects »and other such projects in subsequent periods« as may be decided by the joint venture and »as per Government of India directions«. The joint venture’s authorised share capital has been agreed to be 500 crore Rupees ($67.6 million).

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