Bhubaneswar: In a major step toward accelerating sustainable energy expansion in Odisha, a Joint Venture Agreement was signed today between NLC India Renewables Limited, a wholly-owned subsidiary of NLC India Limited, and the Odisha Renewable Energy Development Agency at Kharavela Bhawan.
The signing ceremony took place in the presence of Deputy Chief Minister Shri Kanak Vardhan Singh Deo, who also holds the portfolios for Agriculture and Farmers’ Empowerment, and Energy. Additional Chief Secretary, Energy and E&IT Shri Vishal Kumar Dev graced the occasion.
The newly formed Joint Venture Company has set a target to develop 1000 MW of green energy projects across the state. This strategic partnership features specific allocations for diverse clean energy sources, including a 250 MW wind power project and a 225 MW floating solar power project, along with other renewable energy initiatives.
Under the equity structure of this joint venture, NLC India Renewables Limited will invest a 51 percent stake, while the Odisha Renewable Energy Development Agency will hold the remaining 49 percent share. The management board of the company will comprise five members, with three representatives from NLC India Renewables Limited and two from the Odisha Renewable Energy Development Agency.
Reflecting on the strategic alignment, Deputy Chief Minister Shri Singh Deo stated that the collaboration marks a decisive moment for Odisha’s energy sector. He noted that combining technical and financial expertise with the state’s vast renewable energy potential allows Odisha to actively work toward achieving its Renewable Purchase Obligation targets while remaining committed to clean energy. He added that the venture will drive sustainable industrial growth and position Odisha as a prominent green energy hub in India.
Shri Vishal Kumar Dev, Additional Chief Secretary, Energy described the initiative as a crucial milestone. He emphasized that the partnership strengthens Odisha’s institutional capacity to manage large-scale renewable energy projects and demonstrates the state’s dedication to a clean and green future.
The event was attended by several senior dignitaries, including Dr. Prasanna Kumar Acharya, Director of Finance, and Debendra Pratap Singh, CEO of the Energy Department, alongside senior officials from both collaborating organizations.