Bhubaneswar, June 24: The Odisha government has taken a significant step towards accelerating the transition to sustainable energy by signing a Joint Venture Agreement (JVA) with NLC India Limited, a Navratna public sector undertaking, on Tuesday.
According to an official statement, the JVA was signed between NLC India Renewables Limited (NIRL), a wholly-owned subsidiary of NLC India Limited, and the Odisha Renewable Energy Development Agency (OREDA) under the Energy Department at Kharavela Bhawan.
The event was attended by Deputy Chief Minister and Energy Minister Kanak Vardhan Singh Deo, who presided over the signing ceremony. The aim of this joint venture company (JVC) is to advance the development of 1,000 megawatts of green energy projects across Odisha.
This partnership will focus on various projects, including 250 megawatts of wind power and 225 megawatts of floating solar power projects, along with other renewable energy initiatives.
Deputy Chief Minister Singh Deo stated that the collaboration between NIRL and OREDA marks a pivotal moment for Odisha’s energy sector. He emphasized that by combining the state’s renewable energy potential with technical and financial expertise, this venture will fulfill commitments to clean energy and help Odisha achieve its Renewable Purchase Obligation (RPO) targets.
He added, “This venture will promote sustainable industrial development and strengthen Odisha’s position as a hub for green innovation in India.”
Officials noted that the equity structure of the JVC will allocate 51 percent to NIRL and 49 percent to OREDA. The board of directors will consist of five members, with three appointed by NIRL and two by OREDA.
Additional Chief Secretary Vishal Kumar Dev remarked that this initiative is a crucial step towards enhancing Odisha’s institutional capacity to manage large-scale renewable projects and further solidifies the state’s commitment to a clean, green future.
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