In a unique project to promote renewable energy, prevent water vaporization, and make use of water reservoirs, the National Hydro Power Corporation (NHPC) is going to install 500 MegaWatt Floating Soar Projects on different water bodies in Odisha.
This would be the country’s first big floating solar power project installed on water reservoirs. The NHPC has signed a Memorandum of Understanding (MoU) with Promoters Agreement with Green Energy Development Corporation of Odisha Ltd (GEDCOL) to install the power project.
According to the Union Power Ministry, the first stage of the project would have an outlay exceeding Rs 2000 Crore and would generate about 600 MU of energy per year.
“It is first of its kind in Odisha and largest in the country so far. The project would help the State to meet its renewable energy generation target and purchase obligation besides creating investment and employment opportunities,” the Officer said.
As per the MoU, NHPC and GEDCOL would jointly establish a Company for implementation of 500 MW Floating Solar Power Projects in Odisha and other such projects in subsequent periods as may be decided by the JVC from time to time as per GoI directions.
The equity shareholding of NHPC and GEDCOL in the proposed Joint Venture Company would be in the proportion of 74:26, the Ministry said. The Company would have an Authorised Share Capital of Rs. 500 Crore and the initial paid-up Share Capital shall be Rs.10 Crore (Rupees Ten Crores), he said
“The floating solar power project on water has a dual advantage. It not only generates more power but also prevents water evaporation from the water reservoirs,” the Power Ministry said.