Bhubaneswar, Jun 23: The Odisha government on Tuesday signed a Joint Venture Agreement (JVA) with NLC India Limited, a Navratna Public Sector Undertaking, to accelerate the state’s transition toward sustainable energy.

The agreement was signed between NLC India Renewables Limited (NIRL), a wholly owned subsidiary of NLC India, and OREDA Limited (Odisha Renewable Energy Development Agency) under the Energy Department at Kharavela Bhavan.

Green Energy Push

Deputy Chief Minister and Energy Minister Kanak Vardhan Singh Deo presided over the signing ceremony. The newly formed Joint Venture Company (JVC) will spearhead the development of 1,000 MW of renewable energy projects across Odisha, including 250 MW of wind power and 225 MW of floating solar power.

Singh Deo described the collaboration as a defining moment for Odisha’s energy landscape, noting that the partnership combines the state’s renewable potential with NLC’s technical and financial expertise. “This venture will catalyse sustainable industrial growth and cement Odisha’s position as a hub for green innovation in India,” he said.

Equity Structure

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.

Institutional Strengthening

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. He emphasized that the collaboration reinforces the state’s commitment to a cleaner, greener future while helping meet Renewable Purchase Obligation targets.

The agreement marks a significant milestone in Odisha’s efforts to expand its renewable energy portfolio and aligns with India’s broader push toward sustainable development.