The reservoirs of Odisha, India, are to host floating solar projects with BESS, under a joint venture in which SECI and OHPC will hold equal shares. The partners have signed a binding term sheet, and they are targeting approximately 3 GW of renewable energy capacity by 2030, while GRIDCO has been envisaged as the offtaker.
Each partner: 50%
Binding agreement: Term sheet
Capacity target: About 3 GW
Target year: 2030
Odisha floating potential: 12 GW
Planned offtaker: GRIDCO
Development mode: CAPEX
SECI own-project target: 10 GW
Solar Energy Corporation of India Limited (SECI), an India-based central public sector undertaking, has signed a binding term sheet with Odisha Hydro Power Corporation Limited (OHPC) for a joint venture, in which each of the two partners will hold a 50% share. The venture is to develop large-scale floating solar projects that are integrated with BESS, and these projects will be located across various reservoirs in Odisha, India. It has been envisaged that the power from them will be taken by GRIDCO.
The term sheet was signed on 3 November 2026, during the Bharat Renewable Energy Summit & Expo 2026. Sivakumar V Vepakomma, the Director (Power Systems) of SECI, and Amiya Kumar Mohanty, the Director (Operations) of OHPC, signed the document in the presence of Mohan Charan Majhi, the Chief Minister of Odisha, Kanak Vardhan Singh Deo, the Deputy Chief Minister, and Vishal Kumar Dev, the Additional Chief Secretary of the Energy Department of the state. Akash Tripathi, the Managing Director of SECI, was also present.
The venture has been built around the reservoirs of the state, where the floating solar potential has been estimated at around 12 GW. Against this estimate, the partners have set a target of approximately 3 GW of renewable energy capacity by 2030, and that capacity is to be developed under the CAPEX mode. For SECI, the target is also a step towards its goal of adding 10 GW of its own projects by 2030, through which the company is strengthening its role in developing and owning large-scale renewable energy assets.
It is the BESS that is meant to make this capacity dispatchable. Through the integration of storage with floating solar, the partners intend to supply reliable and clean power on demand, particularly during the hours of peak demand, and they expect that this supply will also strengthen the energy security of Odisha.
The venture has arrived at a time when related procurement is under way, both in the state and at SECI. In Odisha, GRIDCO has invited bids from consultants for an environmental and social impact assessment of the proposed 225 MW Upper Indravati project, which pairs floating solar with a BESS, and those bids are due on 17 November 2026. SECI, for its part, has invited bids for 4 GW/16 GWh of standalone BESS in Rajasthan and Gujarat, and the online submissions for that tender are to close on 19 November 2026.