NHPC signed a promoter’s agreement with Green Energy Development Corporation of Odisha (GEDCOL) to develop 500 MW of floating solar projects in Odisha. NHPC’s board recently approved an initial equity investment of ₹74 million (~$994,370) in the joint venture (JV) with GEDCOL. NHPC owns 74% of the JV, while GEDCOL owns 26%. GEDCOL is a 100% subsidiary of Odisha Hydro Power Corporation. GEDCOL intends to exploit the state’s renewable energy resources, which have remained untapped for a long time.