Two Indian generation companies have reportedly decided to form a joint venture (JV) to develop floating solar power projects.

National Hydroelectric Power Company (NHPC) has signed a memorandum of understanding (MoU) with Green Energy Development Corporation of Odisha (GEDCOL). Together, their JV will initially develop 500MW of floating solar projects in the state of Odisha.

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PTI quoted a regulatory filing as stating: “A memorandum of understanding has been signed between NHPC and GEDCOL on 20 July 2020, through video conferencing.”

A scheme by the Indian Ministry of New and Renewable Energy will assist in funding the solar projects. The Ultra Mega Renewable Energy Power Parks scheme will assist in the projects’ various phases, most of which will have capacity of 50MW.

Additionally, the two parties have reportedly agreed to explore possibilities in installing floating solar projects.

In another development, Vikram Solar has signed an MoU with the state government of Tamil Nadu to establish a 3GW solar manufacturing facility in the state.

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The company plans to complete the construction of the facility in five years. Once operational, the facility will engage in the production of solar wafers, cells and modules.

Vikram Solar unveiled its plans weeks after Prime Minister Narendra Modi called for Indian firms to become more self-sufficient, PV magazine reported.

Additionally, the government of Tamil Nadu has signed eight MoU’s worth approximately $1.3bn (Rs104bn). These set up investments in solar cells, data centres and industrial parks, creating 13,507 employment opportunities.