NTPC forays into renewable powerAugust 5th, 2008 - 5:10 pm ICT by IANS
New Delhi, Aug 5 (IANS) The state-owned power utility NTPC Ltd will enter into renewable power generation through a joint venture with foreign power and financial firms, a company statement said Tuesday. The joint venture company will primarily concentrate on wind power, mini and micro hydro-electric power, with NTPC holding 40 percent of the equity.
The rest will be shared equally by the constituents - Asian Development Bank (ADB), GE Energy Financial Services, Japan-based Kysushu Electric Power Co and Brookfield Renewable Power of the US.
NTPC will nominate the chairman of the joint venture company.
The new company will set up greenfield and develop under-utilized projects to meet its target of 500 MW of renewable power generation in the next three years.
While the initial projects will be in India, the company would also look overseas to become “a major investor and facilitator of renewable energy” with a “regional and global outlook”.
The five stake holders signed the agreement Tuesday.
Tags: adb, asian development bank, brookfield, electric power co, energy financial, facilitator, forays, ge energy, global outlook, greenfield, hydro electric power, initial projects, joint venture company, micro hydro electric power, power generation, renewable energy, renewable power, stake holders, target, wind power