NTPC, Kyushu, ADB to set up green energy JV in India
(ADPnews) - Nov 29, 2010 - Indian utility NTPC (BOM:532555) said last week it signed a joint venture (JV) deal with the Asian Development Bank (ADB) and Japan's Kyushu Electric Power Company (TYO:9508) to develop clean energy projects in India.
Under the agreement, the JV has to set up 500 MW of green power projects in three years. Initially it will work on wind power and small hydropower projects. In future, the new company may expand its operations outside India.
NTPC will own a 50% stake in the JV, while the remaining 50% shareholding will be equally divided between ADB and Kyushu.
The JV will have an initial capital of INR 65 million (USD 1.4m/EUR 1.1m).
NTPC aims to increase the share of renewable energy capacity to 28% of its total power generation capacity by 2032.