NTPC inks MoU with ADP to produce 500 MW power

New Delhi, July 23 (UNI) Country's largest power generator National Thermal Power Corporation Ltd (NTPC) has signed a memorandum of understanding (MoU) with Asian Development Bank (ADB) to establish a Private Ltd Company to generate 500 MW of renewable power.

The joint venture will initially be among NTPC and other strategic investors with equity shareholding of up to 50 per cent held by NTPC and other government entities, while balance equity shareholding contributed by other strategic investors, a statement said today.

Strategic investors will be selected by the NTPC and ADB. After fulfillment of certain conditions, ADB is expected to acquire 20 per cent stake at a later stage.

Initially, the business will primarily concentrate on wind power, mini and micro hydroelectric power projects, but the portfolio of the company may also include other renewable power generation resources such as industrial cogeneration, waste-to-energy, solar, geothermal, bio mass and bio fuel projects.

The new company will have a regional and later global outlook as a major investor and facilitator of renewable energy.

NTPC said for the first 15 years after formation of the new company, the Chairman of the Board will be a Director nominated by the itself.

UNI PBB SBA KP1933 New Delhi, July 23 (UNI) Country's largest power generator National Thermal Power Corporation Ltd (NTPC) has signed a memorandum of understanding (MoU) with Asian Development Bank (ADB) to establish a Private Ltd Company to generate 500 MW of renewable power.

The joint venture will initially be among NTPC and other strategic investors with equity shareholding of up to 50 per cent held by NTPC and other government entities, while balance equity shareholding contributed by other strategic investors, a statement said today.

Strategic investors will be selected by the NTPC and ADB.

After fulfillment of certain conditions, ADB is expected to acquire 20 per cent stake at a later stage.

Initially, the business will primarily concentrate on wind power, mini and micro hydroelectric power projects, but the portfolio of the company may also include other renewable power generation resources such as industrial cogeneration, waste-to-energy, solar, geothermal, bio mass and bio fuel projects.

The new company will have a regional and later global outlook as a major investor and facilitator of renewable energy.

NTPC said for the first 15 years after formation of the new company, the Chairman of the Board will be a Director nominated by the itself.

UNI