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NTPC signs JV Agreement for Renewable Energy
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merisarkar news service
New Delhi, November 24, 2010 |
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NTPC-ADB-Kyuden form JV company
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NTPC Limited (NTPC), Asian Development Bank (ADB) and Kyuden International Corporation (Kyushu) signed a Joint Venture Agreement in New Delhi on Wednesday to form a JV Company (JVC) in NCT of Delhi, to develop projects and establish a portfolio of about 500 MW of Renewable Power Generation in India over a period of three years.
JVC will develop wind power and small hydroelectric power projects and in future and may also develop other renewable power generation resources. The JVC may develop projects outside India in Developing Member Countries only as well.
NTPC, ADB and Kyushu shall contribute in the ratio of 50:25:25 in the equity share capital of the Company. 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.
The JV agreement was signed by Mr. A.K. Gupta General Manager (Business Development ), NTPC, Mr. Michael Barrow, Director Infrastructure Finance Division, ADB, Mr. Kenji Tsugami, President, Kyuden International Corporation in the presence of Arup Roy Choudhury, CMD and Directors of NTPC.
NTPC, presently has an installed capacity of over 32694 MW. Company operates 28 power stations across the country., with over 16000 MW capacity under construction. NTPC plans to become a 75 GW by 2017.
Greater share of renewables will help NTPC in achieving better balance between the growth in electricity generation while preserving natural habitat. NTPC has a target of developing at least 1,000 MW capacity based on renewable sources namely solar, wind, geothermal and small hydro. The Company Board has also approved plans for setting up 301 MW solar capacity.
Company's thrust on non-fossil sources will eventually culminate in as much as 28 per cent of its generation capacity of the total of 1,28,000 MW to be based on non-fossil sources by 2032.
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