NTPC, a Maharatna company and EDF Power Solutions India, wholly owned subsidiary of the French electricity company EDF (Électricité de France), signed a joint venture agreement in a ratio of 50:50, which aims at developing, owning and operating pumped storage projects, hydro power project as well as other Renewable Energy (RE) projects and distribution business. The joint venture will be carrying out the projects in India and neighbouring countries.
The Joint Venture Agreement was signed on 25 September in the presence of Gurdeep Singh, CMD, NTPC and Bernard Fontana, Chairman and CEO, EDF SA, France.
Through this agreement, NTPC and EDF power solutions are determined to set up an innovative industrial company that will develop, construct and operate low carbon power plants as well as flexibility solutions and transmission assets.
The solutions from EDF power and NTPC will use their expertise to offer deals and improve the decarbonization and performance of electric grids in line with the target of 100GW of pumped storage capacity for India by 2036.
