The Green Energy Development Corporation of Odisha Limited (GEDCOL) and the National Hydroelectric Power Corporation (NHPC) on Monday signed an agreement to form a joint venture company (JVC) to develop floating solar power projects with a total capacity of 500 MW in the State.
The JVC will implement the project in a phased manner in various reservoirs of Odisha in joint venture mode under Ultra Mega Renewable Energy Power Parks (UMREPPs) scheme of the Ministry of New and Renewable Energy.
In Odisha, where availability of large and contiguous patches of non-forest, non-agricultural and barren lands suitable for land-based solar projects are limited, floating solar projects can be a game-changer, said GEDCOL CMD BP Sethi.
The MOU would help the State in achieving the targets set under the Odisha Renewable Energy Policy, 2016 for setting up 2,200 MW solar and 550 MW non-solar renewable projects by 2022.
“The total estimated investment will be to the tune of Rs 2,500 crore. The incubation period for conceiving each special purpose vehicle (SPV) project would be around seven-eight months and the approximate completion time for each conceived project will be about 18 months,” Sethi said.
The first phase work of the project is likely to be commissioned by March, 2022, he said.
Installation of floating solar power plants over natural water resources will reduce evaporation loss thereby avoiding the loss of water. So floating solar development initiative will be helpful in providing food and energy security to the State. It would also generate employment, he said.
