State-run power producer NTPC today entered a pact with the Asian Development Bank and Japan's Kyuden International Corporation to jointly develop renewable energy projects with a total capacity of 500 MW across India over the next three years.
Under the Joint Venture Agreement, NTPC and its partners will set up a company to develop wind power and small hydro- electric power projects. In future, the JV company may also enter other areas of renewable power generation, the company said.
There is also scope under the agreement for the JV to develop projects outside India, it added.
NTPC will be the leader of the JV with a 50 per cent stake, while the ADB and Kyuden International will contribute 25 per cent each towards the equity share capital of the company. The initial authorised share capital of the company will be Rs 6.5 crore and the paid-up share capital will be Rs 1 crore.
NTPC has set a target for developing at least 1,000 MW of renewable energy capacity based on solar, wind, geo-thermal and small hydro sources. The company's board has already approved a proposal to establish 301 MW of solar power generation capacity.
