State-owned NTPC today said it had formed a joint venture with the Asian Development Bank (ADB) and Kyuden International Corporation to develop clean energy projects in India in the next three years.
The JV, Pan Asian Renewables Pvt Ltd, has been incorporated among NTPC, ADB and Kyuden International Corporation to develop renewable energy projects over a period of three years, NTPC said in a filing to the Bombay Stock Exchange.
Kyuden International Corporation is a wholly-owned subsidiary of Japan's Kyushu Electric Power Company.
The three signed the JV Agreement last year to establish a portfolio of about 500 MW of Renewable Power Generation in India.
The JV company will develop wind power and small hydroelectric power projects and may also develop other renewable power generation resources.
NTPC has an installed capacity of over 35,000 MW. The company operates 28 power stations across the country, with over 16,000 MW capacity under construction.