India: NTPC inks deal for renewable power

Nov 25, 2010 12:00 AM

State-owned power generator NTPC, Asian Development Bank ( ADB )) and Kyuden International Corporation (Kyushu) of Japan have signed a joint venture agreement to develop renewable power project in the country, reviving an old alliance that fell apart last year after the global financial meltdown. The joint venture will set up 500MW of non-conventional power generation capacity in India over 3 years. It will also consider projects in neighbouring countries.

While NTPC will hold 50 % equity in the venture, the two overseas partners will divide the rest equally. The initial authorised share capital of the company would be Rs 6.5 crore and the paid-up share capital would be Rs 1 crore. NTPC entered an agreement in August 2008 with 4 other partners to set up a joint venture for renewable projects. However, 2 partners -- GE Energy Financial Services and Brookfield Renewable Power Inc -- walked out of the venture last year in the wake of the worldwide financial meltdown. NTPC thereafter was looking at various options to renew the venture.

“The JVC will initially develop wind power and small hydroelectric power projects and in future also develop other renewable power generation resources,” said an NTPC statement.

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