NTPC and EDF sign 50:50 joint venture for low-carbon energy projects
NTPC Limited and EDF Power Solutions India have formed a 50:50 joint venture to build and operate low-carbon energy infrastructure, including pumped storage and hydro projects.
State-run power utility NTPC Limited and EDF Power Solutions India Private Limited, a wholly owned subsidiary of France's EDF, have signed a 50:50 joint venture agreement to develop and operate low-carbon energy infrastructure.
The pact, executed on September 25, covers the development, ownership and operation of pumped storage assets, hydroelectric installations, other renewable energy facilities and electricity distribution operations. The new entity is mandated to execute projects within India as well as in neighbouring countries.
The agreement was signed in the presence of Gurdeep Singh, Chairman and Managing Director of NTPC Limited, and Bernard Fontana, Chairman and Chief Executive Officer of EDF SA.
According to the companies, the partnership aims to create a joint industrial enterprise focused on green transition assets. Both firms said they are committed to establishing a responsible and innovative industrial company.
"Through this strategic partnership, NTPC and EDF Power Solutions are committed to establish a responsible and innovative industrial company to develop, build and operate low carbon powerplants as well as flexibility solutions and transmission assets," the companies said in a release.
The venture's project pipeline is aligned with India's long-term energy transition goals, including the government's target of 100 gigawatts of installed pumped storage capacity by 2036.
NTPC and EDF said they intend to combine their technical and operational resources to offer tailored solutions and to drive the decarbonisation and overall performance of electrical systems. Both operators expect the collaboration to deliver steady renewable capacity additions and contribute significantly to India's renewable energy market.