State-run power company NTPC has set up a joint venture with the Asian Development Bank and Japan’s Kyuden International Corporation to develop renewable energy projects with a capacity of 500 Mw over the next three years.
NTPC will have 50 per cent stake in the JV, while ADB and Kyuden International will contribute 25 per cent each towards the equity share capital of the company, the power company said in a statement. The initial authorised share capital will be Rs 6.5 crore and the paid-up share capital Rs 1 crore.
NTPC and its partners’ company will develop wind power and small hydro- electric power projects. It may also enter other areas of renewable power generation. There is scope under the agreement for the JV to develop projects outside India, it added.
NTPC has set a target for developing at least 1,000 Mw of renewable energy capacity, based on solar, wind, geo-thermal and small hydro sources. The company’s board has already approved a proposal to establish 301 Mw of solar power generation capacity.
Currently, NTPC has an installed capacity of 32,694 Mw, operating 28 power stations.