NHPC gains as company set to form JV for 500-MW power projects

NEW DELHI – Shares of gained 2.2 per cent in early trade Thursday after the state-owned hydropower giant said it signed a pact with Green Energy Development Corporation of Odisha Ltd (GEDCOL) to form a joint venture (JV) for setting up a 500-megawatt (MW) floating solar power projects in Odisha.

NHPC’s scrip climbed to a high of Rs 32.20 against Rs 31.50 at the previous close on the National Stock Exchange.

“Promoters Agreement has been signed on 04.01.2022 between NHPC Limited and Green Energy Development Corporation of Odisha Limited (GEDCOL) for the formation of JV Company for development of 500 MW floating Solar Power Projects in various water reservoirs in the State of Odisha,” NHPC said in an exchange filing Wednesday.

NHPC will hold a 74 per cent stake in the joint venture, while GEDCOL is to hold 26 per cent.

The JV will have an authorised share capital of Rs 500 crore divided into 50 crore shares of Rs 10 each, PTI reported.

In July-September, the company posted a 7 per cent rise in its consolidated net profit to Rs 1,386.81 crore compared to a year-ago period, mainly on the back of higher revenues. The consolidated net profit of NHPC was Rs 1,300.40 crore in the quarter that ended on September 30, 2020, the company reported.

The company’ total income rose to Rs 3,165.59 crore in the second quarter of FY22 from Rs 3,086.03 crore in the same period a year ago.