NHPC and GEDCOL will form JVC to plan and develop floating solar power projects in a phased manner
India’s National Hydroelectric Power Corporation (NHPC) has signed a Memorandum of Understanding (MOU) with Green Energy Development Corporation of Odisha (GEDCOL) to develop 500MW of floating solar projects.
Under the terms of the MOU, the two entities will form joint venture company (JVC) to explore, identify, plan and develop floating solar power projects in a phased manner, with an estimated investment of INR25bn ($334.4m).
Floating solar power projects to be developed under UMREPPs Scheme
Planned to be built in various reservoirs in the state of Odisha, the projects will be developed under the Indian Ministry of New & Renewable Energy’s Ultra Mega Renewable Energy Power Parks (UMREPPs) Scheme.
The UMREPP aims to provide land upfront to the project developer and facilitate transmission infrastructure for developing renewable energy.
In a press statement, NHPC said: “The incubation period for conceiving each SPV Project would be around 7-8 months including DPR preparation and award of work through EPC bidding with e-Reverse Auction process. Approximate completion time for each conceived project will be around 18 months.”
The first phase work of the project is planned to be commissioned by March 2022.
NHPC chairman and managing director Abhay Kumar Singh said the company will partner with GEDCOL to jointly harness the huge floating solar potential of Odisha.
Singh said that the NHPC is considering developing hybrid projects in the state with the combination of solar and pump storage, which could also provide stability to the grid.
Recently, JSW Energy has agreed to buy GMR Kamalanga Energy (GKEL), the holding company of a 1.05GW thermal power plant in Odisha, in a deal worth INR53.21bn ($750m).
Operating since 2013, the GKEL power plant comprises three coal-fired units, each with 350MW generation capacity.