NHPC on Wednesday said it has signed a pact with Green Energy Development Corporation of Odisha Ltd (GEDCOL) to form a joint venture (JV) for setting up a 500-megawatt (MW) floating solar power projects in Odisha, reported PTI.
According to a BSE filing, Promoters agreement has been signed on January 4, 2022, between NHPC Limited and Green Energy Development Corporation of Odisha Limited (GEDCOL) for the formation of JV company for the development of 500 MW floating solar power projects in various water reservoirs in the state of Odisha.
NHPC will hold a 74 per cent equity stake, while GEDCOL will have 26 per cent.
It will have an authorised share capital of Rs 500 crore divided into 50 crore shares of Rs 10 each.
The JV will have at least four directors on its board and not more than 15 with a ratio in proportion to equity participation (i.e. 74: 26 rounded to 3:1) for NHPC and GEDCOL, respectively, subject to a minimum of one director by each of the parties.
In the case of minimum four directors, three directors will be from NHPC and one director on the company’s board of directors will be from the GEDCOL side.
The firm’s chief executive officer (CEO) and functional heads will be officers of the level below the board of directors. Its CEO and chief financial officer will be from NHPC for effective management.