New Delhi: State-owned NTPC and EDF Power Solutions India have joined hands to jointly develop, own and operate pumped storage projects, hydropower projects, as well as other renewable energy (RE) projects and distribution business.
This 50:50 JV shall undertake projects within India and neighbouring countries, NTPC said in a statement.
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The joint venture (JV) agreement was signed on September 25 in the presence of NTPC Chairman Gurdeep Singh and Bernard Fontana, Chairman and CEO of EDF SA, France.
Through this strategic partnership, NTPC and EDF Power Solutions, a fully owned subsidiary of the French electricity company EDF (Electricite de France), are committed to establishing a responsible and innovative industrial company to develop, build and operate low-carbon power plants, as well as flexibility solutions and transmission assets.
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EDF and NTPC will leverage their respective expertise to provide tailor-made offers, drive the decarbonisation and global performance of electrical systems, aligned with India's ambitious goals of 100 GW installed capacity of pumped storage projects by 2036.
Considering their expertise and resources, both entities are poised to contribute significantly to India's renewable energy market, driving innovation and fostering environmental stewardship.
