The board on Thursday, 11 November 2021 considered and approved the proposal regarding formation of a Joint Venture company (between NHPC and Green Energy Development Corporation of Odisha (GEDCOL)) for implementation of 500 mega-watt (MW) floating solar power project in various water reservoirs in the state of Odisha.

The board has also accorded its investment approval to contribute initial equity of Rs 7.4 crore by NHPC in the JV company, to be promoted jointly by NHPC (with 74% stake) and GEDCOL (with 26% stake).

NHPC is the largest organization for hydropower development in India. It has also diversified in the field of solar & wind power. As of 30 September 2021, the Government of India held 70.95% stake in the company.