Mumbai: Indian state-run power firm NTPC Ltd. has signed a memorandum of understanding with Asian Development Bank to set up a joint venture company for renewable power generation, the company said.
NTPC and other government entities will hold up to 50% in the joint venture, to be established with other strategic investors who will hold the remainder.
ADB is expected to acquire 20% at a later stage, NTPC said in a statement late on 23 July. Financial details were not diclosed.
Over the next three years, the joint venture company will hold a portfolio of about 500 mw of renewable generation.
Initially, it will focus primarily on wind power and mini and microhydroelectric power projects. It may also include other renewable power generation resources such as solar, geothermal and bio fuel projects, it said.