GRIDCO Limited, the nodal agency for renewable energy in Odisha, has announced an ambitious plan to develop floating solar photovoltaic (FSPV) projects at the Rengali Reservoir. This initiative is aimed at promoting green energy in the state and is part of the broader Odisha Renewable Energy Policy 2022. The project is designed to provide renewable power for captive use by reputed industrial and commercial entities, helping them meet their energy requirements sustainably. The move is expected to be a significant step forward in Odisha’s efforts to expand its renewable energy capacity.
The total water surface area being offered for development under this initiative is approximately 5,195 acres, divided into two distinct sections. Section A covers 2,423 acres, while Section B spans 2,772 acres. GRIDCO plans to select developers through a Premium-Based Competitive Bidding (PBCB) model, which will be combined with an e-Forward Auction process. Developers chosen under this framework will operate on a Build-Own-Operate (BOO) basis, with a lease agreement valid for 30 years. The primary objective is for the power generated to be consumed by the bidding entities themselves, but GRIDCO retains the first right of refusal for up to 20% of the installed capacity. This ensures that the state can utilize a portion of the renewable energy for its own needs if required.
The bidding process comes with specific financial and eligibility criteria. Interested developers must have a minimum net worth of ₹20 lakh per acre as of the 2024-25 financial year. In addition to the upfront premium determined through the bidding process, successful bidders will be required to pay an annual lease rent of ₹100 per acre. Odisha’s guidelines also mandate a minimum one-time upfront premium of ₹1 lakh per acre, ensuring a structured and transparent financial framework for the project.
Key dates for the bidding process have been clearly outlined. The bid submission process began on December 4, 2025, and a pre-bid meeting is scheduled for December 16, 2025, at 11:00 AM. The deadline for online bid submission is December 30, 2025, by 3:00 PM, followed by the techno-commercial bid opening later the same day at 5:00 PM. These dates are important for all prospective participants to ensure timely compliance and consideration in the selection process.
Financial security measures have also been established to safeguard the interests of both GRIDCO and the participating developers. Bidders are required to submit an Earnest Money Deposit (EMD) of ₹2,00,000 per acre, which can be paid via Demand Draft, online mode, Bank Guarantee, or Insurance Surety Bond. Upon receiving the Letter of Award (LoA), successful bidders must provide a Contract Performance Bank Guarantee (CPBG) of ₹10,00,000 per acre within 20 days. Additionally, participation in the tender requires a non-refundable fee of ₹11,800, inclusive of 18% GST.
This project presents a substantial opportunity for industrial and commercial entities in Odisha to secure long-term renewable energy for their operations. By leveraging floating solar technology, the state aims to utilize available water surfaces efficiently while contributing to environmental sustainability. The Rengali Reservoir FSPV project reflects Odisha’s commitment to promoting clean energy solutions and supporting businesses in adopting sustainable energy practices. With clear financial structures, eligibility criteria, and transparent timelines, this initiative is likely to attract reputed developers and accelerate the adoption of renewable energy in the state.
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