Energy Development Company Limited was formally created and deployed as a legal entity as a public limited company as on the 19th January, 1995. The company assumed full control of execution of Harangi Mini Hydro Electric Power project on BOT (Build Operate Transfer) basis for a period of 40 years from the date of commissioning of the project. The project was initially awarded to M/s. North East Energy Services ("NEES") USA, by the Government of Karnataka.

Accordingly an agreement was broadened its footprint operations into between the Government of Karnataka and M/s. Public Power International Inc ("PPII") a group company of NEES acting on behalf of NEES. In accordance with this agreement a new company was formally created and deployed as a legal entity on the 19th January, 1995 in the name of "Energy Development Company Limited" for executing the project.

During the year 1999, the company signed Power Purchase Agreement with Karntaka Power Transmission Corporation Ltd (Formerly KEB) for sale of entire energy generated, which would be valid for 20 years. The Harangi Hydro Electric Project was finally commissioned and synchronised with the grid on 14th July, 1999.