NTPC signs MoU for renewable power generation JV company

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New Delhi, Aug 5 (UNI) State-run power generating firm NTPC today said it has signed a Memorandum of understanding (MoU) to form a Joint Venture (JV) Company for undertaking the renewable power generation activities.

As per the MoU NTPC will hold 40 per cent equity in the proposed JV Company while the balance will be equally shared by the other constituents which includes Asian Development Bank (ADB), GE Energy Financial Services(GEEFS), Kyushu Electric Power Co Inc Kyushu) and Brookfield Renewable Power Inc.

The Chairman of the Company shall be nominated by NTPC Limited, an official statement said The proposed JV, over the next three years will develop greenfield and under utilised potential sites to establish and hold a portfolio of about 500 Mega Watts (MW) of renewable power generation resources in India.

The JV Company will initially develop projects in India and may consider having a regional and global outlook as a major investor and facilitator of renewable energy.

Initially the JV will primarily concentrate on wind power, mini and micro-hydro electric power, it added.

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