SJVN Green Energy, a unit of state-owned hydropower producer SJVN, has signed a memorandum of understanding with Assam Power Distribution Co. Ltd. (APDCL) to develop 1 GW of floating solar in the Indian state of Assam.

They will build the proposed project on wetlands, with an estimated investment of INR 6,000 crore ($728.54 million). The deal is part of a broader agreement between the two parties to develop renewable energy generation in the state.

“In days to come, the aim is reach 5 GW floating power project capacity as the actual agreement [with SJVN Green Energy] translates into reality,” said Himanta Biswa Sarma, chief minister of Assam.

SJVN Green Energy will hold a 51% stake in the venture. APDCL will own the remaining 49%.

“Recently, the Assam govt signed another MoU with NLC Ltd for producing 1 GW of solar power. It has also received funding from the Asian Development Bank to generate another 1 GW of solar power in-house without any partner. The project will be developed by APDCL with funding support from ADB,” said Sarma.