Solar Energy Corporation of India Limited (SECI) and Odisha Hydro Power Corporation Limited (OHPC) have signed a Binding Term Sheet to jointly develop large-scale floating solar photovoltaic projects integrated with Battery Energy Storage Systems (BESS) across various reservoirs in Odisha. The partnership will be structured as a 50:50 joint venture, with power offtake envisaged through GRIDCO. OHPC published the news on 4 November 2026.
Who signed and where
The Term Sheet was signed by Sivakumar V Vepakomma, Director (Power Systems) at SECI, and Amiya Kumar Mohanty, Director (Operations) at OHPC. The signing took place in the presence of Odisha Chief Minister Mohan Charan Majhi and Deputy Chief Minister Kanak Vardhan Singh Deo. SECI Managing Director Akash Tripathi and Vishal Kumar Dev, Additional Chief Secretary of the Energy Department, Government of Odisha, were also present.
Capacity and targets
OHPC states that Odisha has an estimated floating solar potential of around 12 GW, and the partnership aims to harness the state’s reservoir resources. SECI and OHPC are targeting approximately 3 GW of renewable energy capacity under CAPEX mode by 2030. Under CAPEX mode, the project owner funds construction with its own capital, rather than hiring capacity from a developer who owns the plant.
The initiative is described as an important milestone towards SECI’s 10 GW target of capacity addition from its own projects by 2030. The target is meant to strengthen SECI’s role in developing and owning large-scale renewable energy assets, in addition to its established role as an intermediary that buys and sells renewable power.
Why floating solar with storage
The collaboration will combine floating solar with battery storage to deliver reliable, clean and dispatchable power, particularly during peak demand hours, while strengthening Odisha’s energy security. Reservoirs of hydropower projects such as those operated by OHPC offer large water surfaces, which is why they are used for floating solar. Adding batteries allows some of the daytime solar output to be supplied after sunset, when demand peaks.
What has not been disclosed
The OHPC announcement does not name the reservoirs, give capacity for each site, state equity commitments, a tariff or a schedule for financial close, and does not say whether the joint venture company has been incorporated. A term sheet records the agreed principal terms; project-level details are not part of the announcement and none is reported here.
What it means for India’s clean-energy sector
For Odisha, the term sheet puts a central public-sector developer and the state’s hydropower utility on the same side of a floating solar and storage programme, with GRIDCO, the state’s power purchaser, envisaged as the buyer. For SECI, it adds a state-level route towards its own-capacity target. The 3 GW goal is a quarter of the 12 GW potential cited for the state, so the programme, if delivered, would use only a part of the reservoir resource that OHPC has identified.
Official references
- Odisha Hydro Power Corporation Limited, “SECI and OHPC Sign Binding Term Sheet for 50:50 Joint Venture Floating Solar-BESS Projects”, 4 November 2026 – ohpc.co.in
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