Bhubaneswar, November 5: Solar Energy Corporation of India Limited (SECI) and Odisha Hydro Power Corporation Limited (OHPC) have signed a binding term sheet to jointly develop floating solar power projects with battery storage systems across reservoirs in Odisha. The companies aim to develop approximately 3,000 megawatts (MW) of renewable energy capacity by 2030.
The agreement, signed on November 4, outlines a proposed joint venture in which SECI and OHPC would each hold a 50% stake. The partnership aims to generate electricity using solar panels installed on water reservoirs, with battery systems storing some of the electricity for later use.
Unlike conventional solar power plants built on land, floating solar projects use panels mounted on structures that float on water. This allows existing reservoirs to be used for electricity generation without requiring large areas of additional land.
The proposed projects will combine floating solar photovoltaic (PV) systems with battery energy storage systems (BESS). These batteries can store electricity generated during sunny periods and release it later, including in the evening when solar panels are no longer producing electricity.
According to OHPC, Odisha has an estimated floating solar power potential of around 12 gigawatts (GW), equivalent to 12,000 MW. The proposed partnership aims to develop part of this potential by installing floating solar systems across the state’s reservoirs.
The companies plan to develop approximately 3 GW of renewable energy capacity by 2030 under the capital expenditure (CAPEX) model, which involves investing in the infrastructure needed to build the projects.
Electricity generated by the proposed projects is expected to be supplied through an arrangement involving GRIDCO, Odisha’s state-owned bulk power procurement company. However, the announcement does not confirm that a final power purchase agreement has been signed.
The binding term sheet was signed by SECI Director (Power Systems) Sivakumar V Vepakomma and OHPC Director (Operations) Amiya Kumar Mohanty.
The signing took place in the presence of Odisha Chief Minister Mohan Charan Majhi, Deputy Chief Minister Kanak Vardhan Singh Deo, SECI Managing Director Akash Tripathi and Vishal Kumar Dev, Additional Chief Secretary of Odisha’s Energy Department.
The agreement also supports SECI’s broader target of developing 10 GW of renewable energy capacity through its own projects by 2030. The corporation is seeking to expand its role in developing and investing in renewable power infrastructure.
For Odisha, the proposed floating solar projects could provide an additional source of renewable electricity while making use of existing reservoirs. Integrating battery storage could also help improve electricity availability during periods of high demand or reduced solar generation.
However, the November 4 announcement does not identify the reservoirs selected for the projects or provide individual plant capacities, investment estimates or construction schedules. It also does not specify the planned battery storage capacity.
The agreement establishes a framework for cooperation between SECI and OHPC, but it does not confirm that the proposed joint venture has been formally incorporated or that construction has begun.
The companies will work towards developing the floating solar and battery storage projects under their proposed equal partnership, targeting approximately 3,000 MW of renewable energy capacity by 2030.
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