Mumbai, June 29 -- NLC India Renewables (NIRL) and the Odisha Renewable Energy Development Agency (OREDA) signed a joint venture agreement to develop 1,000 MW of green energy projects across Odisha. The pact was formalised at Kharavela Bhavan in Bhubaneswar in the presence of the deputy chief minister and Energy Minister KV Singh Deo.
The proposed joint venture company will pursue a diverse portfolio that includes 250 MW of wind power and 225 MW of floating solar capacity, alongside other clean energy initiatives. Project planning will prioritise site selection, grid integration and environmental safeguards to support sustainable industrial growth in the state.
NIRL will hold a 51 per cent stake in the joint venture while OREDA will retain the remaining 49 per cent. The company board will comprise five directors, with three nominated by NIRL and two by OREDA to oversee governance and strategic decisions.
The deputy chief minister characterised the collaboration as a defining moment for the state's energy sector and said the venture would promote sustainable industrial growth and strengthen Odisha's position as a leading destination for green innovation. The additional chief secretary for Energy, Vishal Kumar Dev, said the initiative would enhance institutional capacity to execute large-scale renewable projects and reinforce the state's commitment to a low-carbon future aligned with India's climate and sustainability goals. Senior executives from both organisations, including NIRL chief executive officer Devendra Pratap Singh and NLC India director for finance Prasanna Kumar Acharya, attended the signing to represent their respective organisations.
Officials said the venture will help expand Odisha's renewable energy footprint and attract green investments, supporting sustainable industrial expansion across regions of the state. Implementation will focus on strengthening local project management and coordinating with grid operators to ensure the timely integration of new capacity.
Published by HT Digital Content Services with permission from Construction World.