Bhubaneswar: In a bid to develop floating solar power projects with a total capacity of 500MW, the Green Energy Development Corporation of Odisha Limited (GEDCOL) and the National Hydroelectric Power Corporation (NHPC) signed an agreement Monday to form a joint venture company, an official said.
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, barren lands suitable for land-based solar projects are limited. However, floating solar projects can be a game-changer, said GEDCOL CMD, BP Sethi.
The floating solar projects have an inherent advantage of conservation of land and the related cost to acquire and maintain the site, Sethi informed. Other advantages include decrease of temperature-related losses due to cooling effect and reduction of water evaporation.
The memorandum of understanding (MoU) will help Odisha in achieving the targets set under the Odisha Renewable Energy Policy, 2016 for setting up 2,200MW solar and 550MW non-solar renewable projects by 2022.
The present renewable energy installed capacity of Odisha is divided between solar power at 362MW and 77MW energy from non-solar sources, informed an official. GRIDCO is further procuring 75 MW solar and 150 MW wind power from outside, the official added.
“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 informed. “The first phase work of the project is likely to be commissioned by March, 2022,” he added.
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.
Energy Minister Dibya Shankar 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.