India's state power producer NHPC, formerly the National Hydroelectric Power Corporation, is to develop 500 MW of floating solar PV projects on a variety of water bodies in the eastern state of Odisha in partnership with Green Energy Development Corporation of Odisha Ltd (GEDCOL). Under a promoters' agreement, signed on 4 January, NHPC and GEDCOL agreed to establish a joint venture company for implementation of the projects in Odisha and other projects in subsequent periods, to be decided by the JV in accordance with the directions of the Government of India. The equity shareholding of NHPC and GEDCOL in the proposed joint venture company will be 74:26, respectively, with an authorized share capital of INR 5 billion (US$ 67.5 million). An MoU was signed between the partners in July 2020.
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