Bhubaneswar, July 20 (LocalWire): An agreement to form a joint venture company was inked between the Green Energy Development Corporation of India Limited (GEDCOL) and the National Hydroelectric Power Corporation, official sources said.
The JVC will implement the development of floating solar power projects with a total capacity of 500 MW in a phased manner in various reservoirs of Odisha under Ultra Mega Renewable Energy Power Parks Scheme (UMREPPS) of the Ministry of New and Renewable Energy.
“In Odisha, where availability of large and continuous patches of non-forest non-agricultural barren land suitable for land based solar projects are limited, floating solar projects can be a game changer, said GEDCOL CMD B P Sethi.
The floating solar power projects have an inherent advantage of conservation of land and the related cost to acquire and maintain the site, informed Sethi.
“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 7-8 months and the approximate completion time for each conceived project will be about 18 months,” Sethi said.
The development of floating solar projects in Odisha will be a win-win proposition for the people as it would generate employment, lessen the requirement of land and evaporation of water.
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, he said.
Energy minister D S Mishra, during signing of the MoU through video conferencing, congratulated both the organisations and expressed hope that the agreement would boost the renewable energy aspirations of the state.