Bhubaneswar: In a significant move to accelerate Odisha’s transition to sustainable energy, NLC India Renewables Limited (NIRL), a wholly owned subsidiary of NLC India Limited, and OREDA Limited signed a joint venture agreement on Tuesday.
The event was graced by the Deputy Chief Minister Kanak Vardhan Singh Deo, who presided over the signing ceremony in Bhubaneswar.
The Joint Venture Company (JVC) aims to spearhead the development of 1000 MW of green energy projects across Odisha. The partnership will focus on a diverse portfolio, including 250 MW of wind power and 225 MW of floating solar power projects, alongside other renewable energy initiatives.
Speaking on the strategic partn
ership, the Dy CM Singh Deo said this collaboration between NIRL and OREDA marks a defining moment for Odisha’s energy landscape. By combining the state’s immense renewable potential with technical and financial expertise, we are not only fulfilling the commitment to clean energy but also actively driving the state toward its ambitious Renewable Purchase Obligation targets. This venture will catalyse sustainable industrial growth and cement Odisha’s position as a hub for green innovation in India, he said.
The JVC will be established with an equity participation structure of 51% held by NIRL and 49% by OREDA.
The Board of Directors will comprise five members, with three nominated by NIRL and two by OREDA. This governance structure ensures a collaborative approach, leveraging the strengths of both entities to contribute significantly to India’s national sustainability and climate goals.
This initiative represents a pivotal step in strengthening Odisha’s institutional capacity to manage large-scale renewable projects and reinforces the state’s dedication to a cleaner, greener future, said ACS, Energy Vishal Kumar Dev.
Prasanna Kumar Acharya, Director (Finance), NLC India Limited Devendra Pratap Singh, Chief Executive Officer, NIRL, Senior Officers from the Energy department, OREDA, and NIRL attended the event.