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NLC India Ltd. has signed a memorandum of understanding with the Odisha government for the development of renewable energy projects in the state.

The public sector undertaking under the Coal Ministry signed the MoU with Grid Corporation of Odisha, a state PSU, at the ongoing Make in Odisha Conclave in Bhubaneswar, on Thursday.

The MoU envisages setting up ground mounted or floating solar power projects, pumped hydro storage projects, green hydrogen projects and any other renewable projects.

The signing is believed to enable both parties towards the national targets for renewable energy capacity and energy transition goal.

NLC India Ltd., a Navratna PSU, is engaged in mining and power generation. It has mining capacity of 50.6 million tonnes per annum, which include lignite capacity of 30.6 MTPA and coal production capacity of 20 MTPA.

The PSU’s total power generation capacity is 6,061 MW of which 1,319 MW is from solar projects and 51 MW from wind projects.

NLC India plans to increase its solar power generation capacity to 2,651 MW and wind power capacity to 200 MW, taking the total planned energy capacity to 14,971 MW.

The company reported a net profit of nearly Rs 1,000 crore in the first half of the current financial year, as against Rs 554 crore during the same period last year.

Shares of NLC India are trading 3.7 percent higher at Rs 86.50.