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05 August 2008 at 15:45 IST
NTPC signs MoU to form JV for renewable energy
NTPC Limited, Asian Development Bank [ADB], GE Energy Financial Services [GEEFS], Kyushu Electric Power Co. Inc. [Kyushu] and Brookfield Renewable Power Inc. [BRP], have signed a MoU to form a Joint Venture Company for undertaking the renewable power generation activities.
According to the MoU NTPC will hold 40% equity in the proposed JV Company while the balance will be equally shared by the other constituents.
The Chairman of the JV Company shall be nominated by NTPC Limited. The proposed JVC, over the next three years will develop greenfield and under utilized potential sites to establish and hold a portfolio of about 500 MW of renewable power generation resources in India.
The JV Company would initially develop projects in India and may consider having a regional and global outlook as a major investor and facilitator of renewable energy. Initially the JVC will primarily concentrate on wind power, mini and micro-hydro electric power.
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