THEBUSINESSBYTES BUREAU
BHUBANESWAR, JUNE 23, 2026
In a major step towards accelerating Odisha’s clean energy
transition, NLC India Renewables Limited (NIRL), a wholly owned subsidiary of
NLC India Limited, and OREDA Limited (OREDA) have formally signed a Joint
Venture Agreement (JVA) at Kharavela Bhavan in Bhubaneswar.
The landmark signing ceremony was presided over by Deputy
Chief Minister and Minister of Agriculture & Farmers’ Empowerment and
Energy, Kanak Vardhan Singh Deo.
The proposed Joint Venture Company (JVC) will spearhead the
development of 1,000 MW of green energy projects across Odisha. The
collaboration will focus on a diversified renewable energy portfolio, including
250 MW of wind power and 225 MW of floating solar power projects, along with
other renewable energy initiatives.
Commenting on the strategic partnership, Deputy Chief
Minister Singh Deo said, “This collaboration between NIRL and OREDA marks a
defining moment for Odisha’s energy landscape. By combining our state's immense
renewable potential with technical and financial expertise, we are not only
fulfilling our commitment to clean energy but also actively driving the state
toward its ambitious Renewable Purchase Obligation targets. This venture will
catalyze sustainable industrial growth and cement Odisha's position as a hub
for green innovation in India.”
The Joint Venture Company will be established with an equity
participation structure of 51 per cent held by NIRL and 49 per cent by OREDA.
Its Board of Directors will comprise five members, including
three nominees from NIRL and two from OREDA. The governance framework is
designed to ensure a collaborative approach, leveraging the strengths and
expertise of both organisations while contributing significantly to India’s
sustainability and climate goals.
“This 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,” said Additional Chief Secretary, Energy, Vishal Kumar Dev.
NLC India Limited Director (Finance) Dr. Prasanna Kumar Acharya, NIRL Chief Executive Officer Devendra Pratap Singh, and senior officials from the Energy Department, OREDA and NIRL were present at the event.
