Bhubaneswar: The Odisha government on Tuesday signed a Joint Venture Agreement (JVA) with NLC India Limited, a Navratna Public Sector Undertaking (PSU), to accelerate the state’s transition to sustainable energy.
According to an official statement, the JVA was signed between NLC India Renewables Limited (NIRL), a wholly owned subsidiary of NLC India Limited, and OREDA Limited (Odisha Renewable Energy Development Agency), under the Energy Department at Kharavela Bhavan.
The event was attended by Deputy Chief Minister and Energy Minister Kanak Vardhan Singh Deo, who presided over the signing ceremony. The Joint Venture Company (JVC) aims to spearhead the development of 1,000 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, as well as other renewable energy initiatives.
Deputy CM Singh Deo said the collaboration between NIRL and OREDA marks a defining moment for Odisha’s energy landscape.
He noted that by combining the state’s renewable potential with technical and financial expertise, the venture would fulfil commitments to clean energy while driving Odisha toward its 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 added.
Officials stated that the JVC will have an equity participation structure of 51 per cent held by NIRL and 49 per cent by OREDA. The Board of Directors will comprise five members, with three nominated by NIRL and two by OREDA.
Additional Chief Secretary Vishal Kumar Dev said the 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.
(IANS)
