NLC India Renewables Ltd (NIRL), a wholly owned subsidiary of NLC India Limited, has signed a joint venture agreement with Odisha Renewable Energy Development Agency (OREDA) for the development of 1,000 MW of green energy projects in Odisha. The agreement was signed on Tuesday and was graced by Deputy Chief Minister Kanak Vardhan Singh Deo, who presided over the signing ceremony in Bhubaneswar. The planned capacity is equivalent to 1 gigawatt (GW), making it one of the larger renewable energy commitments announced in Odisha in recent years. The Joint Venture Company (JVC) aims to spearhead the development of these projects across Odisha, as reported by multiple sources. According to the Chief Minister's Office, the partnership represents an important milestone in Odisha's clean energy journey, with the state government viewing the project as a key component of its broader strategy to meet rising electricity demand while reducing dependence on conventional energy sources.
The joint venture will cover renewable energy technologies including solar, wind, hybrid systems, battery energy storage systems, pumped hydro storage, green hydrogen and other emerging renewable energy technologies. Under the JV agreement, the joint venture will establish, operate and maintain green energy projects with an aggregate capacity of 1,000 MW in the first phase. The partnership will focus on a diverse portfolio, including 250 MW of wind power and 225 MW of floating solar power projects, alongside other renewable energy initiatives. As reported by CNBC TV18, the projects will be developed across Odisha and the collaboration will undertake other activities in the green energy sector through forward and backward integration. The proposed projects will be implemented subject to techno-commercial feasibility and approvals from the respective boards, governments, the Ministry of Coal and other relevant authorities. Floating solar systems will be installed on water bodies, helping optimize land use while generating clean electricity, while wind power installations will further contribute to increasing the share of renewable energy in Odisha's power mix.
Odisha has set an ambitious target of achieving 11 GW of renewable energy capacity by 2030 and is rapidly emerging as one of India's leading destinations for clean energy investments, as announced by Deputy Chief Minister Kanak Vardhan Singh Deo at the Energy Conclave 2026. During the investors' meet in February, Odisha received investment intents worth ₹67,000 crore for renewable energy projects with a cumulative capacity of 6.7 GW. The state has already approved 16 projects worth around ₹2 lakh crore and an additional ₹30,000 crore is expected to be invested in strengthening transmission infrastructure. The deputy chief minister emphasized that Odisha will become a major clean energy investment hub in the next four years with a mix of solar, wind, pumped storage and hybrid energy projects, which will support Odisha's Vision 2047 for sustainable and inclusive growth. The state's long coastline, strong industrial base and supportive policy environment are attracting large-scale investments in green hydrogen and green ammonia, with battery storage projects coming up at six locations across the state.
According to CNBC TV18, Prasanna Kumar Motupalli, Chairman and Managing Director of NLCIL, stated that the partnership with OREDA marks a significant milestone in NLCIL's strategic diversification into clean and sustainable energy sectors. The agreement forms part of NLC India's broader effort to diversify beyond its traditional lignite mining and thermal power businesses. The state-run company has been steadily expanding its renewable energy portfolio as India targets 500 GW of non-fossil fuel power capacity by 2030. Speaking on the strategic partnership, Deputy Chief Minister Singh Deo emphasized that this collaboration between NIRL and OREDA marks a defining moment for Odisha's energy landscape, combining the state's immense renewable potential with technical and financial expertise to fulfill clean energy commitments and drive the state toward its ambitious Renewable Purchase Obligation targets.
The Joint Venture Company (JVC) will be established with an equity participation structure of 51% held by NIRL and 49% by OREDA. The Board of Directors will comprise five members, with three nominated by NIRL and two by OREDA, ensuring a collaborative approach that leverages the strengths of both entities. The partnership will also explore the development of ancillary assets and other activities related to the green energy sector. As reported by CNBC TV18, this governance structure ensures a collaborative approach, leveraging the strengths of both entities to contribute significantly to India's national sustainability and climate goals. The 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. With the planned development of 1,000 MW of renewable energy capacity, Odisha is positioning itself as a leading destination for clean energy investments, with the initiative expected to contribute to economic growth, environmental sustainability, and the creation of a more resilient energy infrastructure for the future.
NLC India's stock fell 0.46% to settle at ₹325.50 on Wednesday, 24 June 2026, following the announcement of the renewable energy partnership. The company, which is a Navratna Central Public Sector Enterprise under the administrative control of the Ministry of Coal, Government of India, has been actively expanding into large-scale renewable and green energy initiatives including solar, wind, pumped hydro storage, Battery Energy Storage Systems (BESS), green hydrogen, low-carbon round-the-clock power and waste-to-energy projects. On a consolidated basis, NLC India's net profit surged 189.12% to ₹1,393.46 crore while net sales rose 31.45% to ₹5,042.46 crore in Q4 March 2026 over Q4 March 2025, as reported by Business Standard. The Government of India held 72.20% stake in the company as of March 2026.
