In a significant development, India’s premier hydropower developer, NHPC Limited, has entered a partnership with Norwegian company Ocean Sun to delve into the possibilities of floating solar energy technology.

What Happened: A memorandum of understanding was inked between the two entities on Thursday, April 29, 2024, to scrutinise potential areas of collaboration for showcasing Ocean Sun’s floating solar energy technology. This technology is anchored on photovoltaic panels that will be installed on hydro-elastic membranes at locations identified by NHPC.

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The agreement was signed by Shri V.R. Shrivastava, executive director (renewable energy and green hydrogen), NHPC, and Mr. Kristian Tørvold, CEO, Ocean Sun. The signing event was graced by dignitaries from both India and Norway, including May-Elin Stener, Ambassador of Norway to India, and Acquino Vimal, Ambassador of India to Norway.

This alliance is a part of NHPC’s ongoing commitment to sustainable development and enhancing its renewable energy capacity. The firm is involved not only in hydropower development but also in a variety of renewable energy initiatives such as solar, wind, and green hydrogen projects.

Why It Matters: With the increasing global focus on sustainable development and reducing carbon emissions, the adoption of floating solar energy technology could offer a viable alternative to traditional energy sources.

This partnership also underscores NHPC’s commitment to diversifying its energy portfolio and aligning with India’s renewable energy goals. The success of this venture could pave the way for similar collaborations in the future, further bolstering India’s position in the global renewable energy landscape.

Price Action: NHPC’s share price was up 1.98% at ₹95.25 in afternoon trade on Tuesday.

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