New Delhi: State-run NTPC Ltd and EDF India Pvt. Ltd, owned by Électricité de France SA, a multinational electric utility company backed by the government of France, have joined hands to develop pumped storage, hydro, or other renewable energy projects and explore opportunities in the distribution business.
The companies signed a non-binding term sheet on Sunday and proposed creating a 50:50 joint venture. Federico D’Amico, chief executive officer (CEO) of EDF India, and J. C. Kakoti, general manager of hydro-engineering at NTPC, signed the agreement.
NTPC said in a statement that the joint venture will undertake such projects independently or may partner with JVs and subsidiaries within India and neighbouring countries.
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Considering their domain expertise and resources, NTPC and EDF are poised to contribute significantly to India’s renewable energy landscape and drive innovation.
NTPC, India’s largest power generation company, has an installed capacity of over 77 gigawatts (GW), with an additional 29.5GW under construction, including 9.6GW of renewable energy capacity. The company is committed to achieving 60GW renewable capacity by 2032.
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NTPC listed its subsidiary NTPC Green Energy Ltd on the stock exchanges in November last year in a bid to create value.
Through its green energy arm, NTPC also plans to produce green hydrogen, green methanol, sustainable aviation fuel (SAF) apart from conventional renewable power generation.
In January, prime minister Narendra Modi laid the foundation stone of NTPC Green Energy Ltd’s green hydrogen hub at Pudimadaka near Visakhapatnam in Andhra Pradesh, among several other infrastructure projects in the state.
It would be the first green hydrogen hub under the Centre’s National Green Hydrogen Mission.
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The project is being developed jointly by NTPC Green and Non-conventional Energy Development Corporation of Andhra Pradesh Ltd, the renewable arm of the government of Andhra Pradesh.
The project is expected to bring around ₹1.85 trillion investment to the state, contributing to India’s non-fossil energy capacity target of 500GW by 2030.
