NHPC in joint venture (JV) with GEDCOL to develop 500 MW floating solar projects in Odisha

In the joint venture (JV), the NHPC will own a 74% stake, and GEDCOL will own a 26 % stake. It would have a INR 500 crore authorised share capital divided into 50 crore INR 10 shares.

NHPC, the state-owned power company, announced on Wednesday that it has formed a joint venture (JV) to build a 500-MW floating solar power project in various water reservoirs in Odisha with Green Energy Development Corporation of Odisha Ltd (GEDCOL). 

According to a BSE filing, NHPC Limited and Green Energy Development Corporation of Odisha Limited (GEDCOL) signed a promoter’s agreement on January 4, 2022.

The NHPC will own a 74% stake, and GEDCOL will own a 26 % stake. It would have a INR 500 crore authorised share capital divided into 50 crore INR 10 shares.

In the JV’s board, there will be at least four directors, and not more than 15, represented in a ratio based on equity participation (i.e. 74: 26 rounded to 3:1) between NHPC and GEDCOL, respectively, with each party providing a minimum of one director. 

If the company has a minimum of four directors, three of them will be from NHPC and one will be from GEDCOL.

The CEO and functional leaders of the company will report directly to the board of directors. For effective management, the company’s CEO and the chief financial officer will be from NHPC.

Connect with Power Insight:   Facebook  |  LinkedIn  |  Twitter