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 Public sector hydropower giant NHPC Ltd has signed a Memorandum of Understanding with Ocean Sun, a Norwegian company operating as a technology provider to the floating solar industry.

According to the agreement, NHPC and Ocean Sun will explore key areas of cooperation for demonstration of Ocean Sun’s floating solar energy technology based on photovoltaic panels. The panels would be mounted on hydro-elastic membranes, at relevant sites to be identified by NHPC, the Ministry of Power said on Tuesday.

The agreement is in continuation of efforts towards sustainable development and the addition of renewable energy capacity by NHPC, which is engaged not only in hydropower development but also in various renewable energy projects such as solar, wind and green hydrogen projects.

The MoU was signed on April 29, 2024, by NHPC Executive Director R. Shrivastava and Ocean Sun CEO Kristian Torvold. The Ambassador of Norway to India, May-Elin Stener and senior NHPC officials were present on the occasion.

As part of its push for solar energy, NHPC recently won the bid to develop a 200 MW capacity solar power project in the Renewable Energy Park of Gujarat State Electricity Corporation Ltd at Khavda in the Kachchh district of Gujarat.

NHPC will develop the project on a build-own-and-operate basis at a tentative development cost of Rs 847 crore. The project, for which the tariff has been fixed at Rs 2.66 per unit, will be completed in 18 months.