National Hydroelectric Power Corporation (NHPC) Limited has signed an agreement with Green Energy Development Corporation of Odisha Limited (GEDCOL) to form a joint venture (JV) for setting up 500 MW floating solar power projects in Odisha. The equity shareholding of NHPC and GEDCOL in the proposed JV will be in the proportion of 74:26. The JV’s authorised share capital will be Rs 5 billion, with an initial paid-up share capital of Rs 100 million.

In the first stage, 300 MW of floating solar capacity will be installed in the Rengali hydroelectric project’s reservoir. The project will be carried out as part of the Solar Park Scheme. The first stage of the project will have an outlay exceeding Rs 20 billion and is expected to generate approximately 600 MU of energy per year. As per the statement, in addition to creating investment and employment opportunities, the project will assist the state in meeting its renewable energy generation target and purchase obligation.

In October 2021, NHPC Limited invited bids for an engineering, procurement, and construction tender for up to 1,000 MW of grid-connected solar photovoltaic projects. Under the Tranche-III of Central Public Sector Undertaking scheme Phase-II, the tender comprises a transmission line to evacuate power to the inter-state transmission system substation. The winning bidder will be responsible for operations and maintenance of the project for 10 years. The project must be finished within 15 months of the award notification being issued.