New Delhi: In a significant decision from its Board Meeting held today, NHPC Limited has announced the cancellation of the Memorandum of Understanding (MoU) and Promoters’ Agreement with Green Energy Development Corporation of Odisha Limited (GEDCOL).
The agreement, originally signed to form a Joint Venture (JV) company, was aimed at implementing floating solar power projects across various water reservoirs in the state of Odisha.
Details of the Cancelled Agreement:
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Parties Involved: NHPC Limited and Green Energy Development Corporation of Odisha Ltd. (GEDCOL).
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Objective: To establish a Joint Venture company for the development and implementation of floating solar power projects.
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Project Scope: Projects were to be set up on multiple water bodies across Odisha.
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Status: The Board has approved the proposal to cancel the existing MoU and Promoters’ Agreement, effectively terminating the plans for this specific JV.
Context and Implications:
This move represents a strategic shift in NHPC's approach to floating solar projects in Odisha. While the company remains a key player in India's renewable energy sector, this decision indicates a reassessment of the partnership model or project specifics for this geography.
The cancellation frees NHPC from the obligations of the earlier agreement and allows the company to explore alternative avenues for its floating solar ambitions, if any, in the state. The official letter detailing the cancellation has been submitted to the relevant authorities.
About NHPC Limited:
NHPC Limited, a 'Navratna' Enterprise of the Government of India, is the country's leading hydropower developer with an increasing focus on other renewable energy sources like solar and wind.